Technically speaking, Cardano has seen a rising trend over the past 7 days, along with many other major cryptocurrencies in the top 100. However, Cardano is still down by over 80% from its all-time high,May 2018. In other words, Cardano’s downward pressure has deepened over the past few months, and it’s just about to break.
Will Cardano go below the $1.00 mark? One of the most important cryptocurrencies, Cardano (ADA), is nearing a crucial technical level. Should the ADA price drop below $1.00, the coin may face a substantial number of sellers.
Cardano (ADA) price has been caught in a downward trend for the past few weeks. While it has managed to stay above $0.01, there’s a negative pressure heading towards this cryptocurrency. We can easily see this through the 90-day exponential moving average (EMA) and the 20-day EMA, they are currently trading below the 50-day EMA and are very close to touch the price low at $0.0033. This is the place where the market would like to see the price of ADA.. Read more about cardano price prediction 2030 and let us know what you think.Summary of the situation
- The police are trying to get in on the 19th. May to come out of correction
- The bears continue to exert downward pressure towards the 90-day low.
- At the time of writing, the currency is hovering between $1.31 and $1.33.
Gimbal price analysis: Price Overview
Toward the end of June, Cardano (ADA) tried to break out of May’s 49% decline. The currency is currently testing the 2018 high around $1.40 and consolidating a corrective relative strength index to approach the $1.40 level. The Mint has undergone a downward correction in recent weeks and on the 22nd. June reached a 90-day low. Cardano dropped to $1.02, almost breaking the psychological support at $1.00. Still, the currency managed to overcome the downward pressure and return to $1.30 per ounce. Recent developments around Cardano include the June 14 launch of the AlonzoBlue 2.0 hard fork, which will advance smart contracts in the ADA ecosystem.
Other good news is that PoolTool data shows that over 50,000 Cardano mine addresses have been added in three weeks. This is an 8% growth in just one month, indicating a robust network capable of attracting new users.
Cardano price movement in the last 24 hours
Market bulls expected the currency to break through last week’s downtrend line over the weekend. Although the currency has yet to break out, the bulls have broken out of the declining wedge and broken through resistance around $1.33 and $1.35. On the 24-hour chart, the technical indicators are hovering in bearish territory with the RSI in oversold territory. The diverging moving averages (MACD) have marked a bullish cross on the 12-hour chart. On the other hand, Cardano’s price has crossed the Bollinger midpoint and the Bollinger moving average. On the 4-hour chart, the bands are widening, indicating increasing volatility. ADA/USD opened the daily chart at $1.3331 and marked an intraday low at $1.300. The intraday high is $1.3489.
Cardano4-hour price chart
It’s easy to dismiss today’s price as a corrective low of the weekend, but we can’t ignore the fact that market risers may argue for a swing from the day’s high at $1.40. At the time of writing, the currency is hovering between $1.31 and $1.33. The current price level is just a continuation of yesterday’s closed uptrend. The ability of the bulls to overcome the selling pressure at the 200-EMA level will determine the direction of the uptrend.
Output of price analysis of the gimbal
Cardano has a lot to offer in terms of expansion. The IOHK development team has announced that it is exploring and evaluating the possibility of integrating stablefees into Cardano. Stablefees is a platform that aims to introduce a base price for payments and link payments to a basket of stable coins.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The Cardano Foundation is an organization that works to promote Cardano and the ecosystem surrounding it. I’ve written before about Cardano and why its such a strong candidate for a viable cryptocurrency. I’ve also written about why Cardano could be a worthy investment opportunity in the future, how I’ve done a little research on its competitors, and why I believe it will be the cryptocurrency that will ultimately replace Bitcoin. Cardano is one of the few cryptos that is continuously being designed with the future in mind, and the same can be said for its community.. Read more about will cardano go back up and let us know what you think.
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