Cardano Continues Sinking Below Support Line Of $0.50

Cardano continues sinking below the support line of $0.50 and just like Bitcoin, other coins either consolidated or fell off their charts so let’s have a closer look at today’s latest Cardano news.

On the longer time frame, Cardano continues sinking and shows a bearish thesis but for the shorter time frame, ADA was hinting at a possible price reversal. In hte past day, ADA increased by 1.7% and in the past week the coin brought in a double-digit loss. The bulls faded out as the buying strength continued to look bleak at the time of writing. $0.50 is now acting as the nearest price ceiling for the coin and in case Cardano is able to break past this price point, the coin can trade near $0.58 but a fall below the $0.47 price level will cause ADA to hover between $0.44 and $0.40.

Falling below the line could take ADA to a year low price level as the volume of the coin dipped dramatically and showed that the bears are still in charge. Cardano showed more signs of price reversal on the charts and the price of the altcoin tried to rise above the 20-SMA line but now the sellers were in charge of the price momentum.
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The RSI registered an uptick which meant that the price was optimistic on the charts and the buyers were coming on the market and increased demand can push the asset above the 20-SMA.

The increased demand will make ADA trade near the $0.58 price level and then the coin will try to touch the $0.70 price level. ADA’s Awesome Oscillator showed green histograms and it meant a change in price momentum but it also showed a buy signal as the green histograms were the sign of the same. The Moving average Convergence Divergence underwent a bullish crossover and then showed a green histogram. This means that in the upcoming trading sessions, the coin can try to increase on the charts.

As recently reported, Cardano is among the cryptocurrencies with high impact because of major price slides and the price volatility remains one of the biggest discouragement and threat of virtual currency the swing in price can go beyond up to ten times in a single minute. The positive price move is a favorable trend for the token and its investors but a price drop could pose a danger for both.