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Cardano’s Recent Price Rally Shows Signs of a Pause – CryptoNewsZ
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Cardano’s Recent Price Rally Shows Signs of a Pause – CryptoNewsZ

by Raphael PutongSeptember 11, 2019

Cardano’s price trend has been witnessing an uptrend since the day before yesterday against the U.S Dollar. However, ADA price is tumbling down since today morning.

Meanwhile, Bitcoin price is also extending the price drop after yesterday’s sharp pullback below $10,500.

Five days back, Cardano price was above $0.046 while continuing the bearish trend. Within a couple of days, ADA broke support levels near $0.045 and traced a dip near $0.043. The coin managed to climb above $0.044, but on 7th September, the coin again dropped near $0.0437, which is where it found a support level.

Seeing support there, ADA coin went as high as $0.04726 yesterday. After a correction near $0.0464, it again touched $0.04719 and then pulled back. Today, ADA is resuming the pullback and is at $0.0458 at 07:13:41 UTC.

Cardano price is 10.89% below its 50-day SMA of $0.0514 and is 31.34% below its 200-day SMA of $0.0672, proving its current bearish impact. However, its long term SMA line is below the short term SMA line, pointing out to a positive price move.

The other two technical indicators appear bearish as RSI is below 40 while not showing any extremities. And MACD is in the bearish zone with its MACD line below the signal line. Cardano price may face resistance at $ 0.0483 and $ 0.0489 if it manages to cross above $ 0.0475, while it can find support levels at $ 0.0460, $ 0.0454, and $ 0.0446.

Via cryptonewsz.com

About The Author
Raphael Putong