ADA price descends after the weekly high and has marked a 20% loss in just 3 days as the Coronavirus pandemic resulting global crisis, and recession worsens. After an illusionary trading session towards the end of the previous week, the global crypto market turns red, again, and BTC price nosedives below $6k.
Cardano Price Analysis
Analyzing the price movement of the last week, we see that Cardano price has been experiencing a strong trend aversion as it faces a dearth of momentum. ADA coin price notably falls below the weekly high and is currently trading below $0.030 and $0.028. However, we had seen an unprecedented growth in the volume bars when the coin was gaining momentum and support. Sooner did we realize that the weekly high was an illusion when the volumes collapsed again, leading to a lack of support.
Although the price of Cardano is facing a lack of steady support and momentum, the coin has settled above $0.025, which is the major weekly support. Aligning the same, the major resistance lies at $0.028 and $0.030.
The technical indicators do not frame a positive picture as the MACD of the ADA coin has lost the traction and turns flat with the signal line due to price accumulation.
Similarly, the RSI of the coin is at 39.97 and is nearing the major support at 30 or the oversold region as liquidation intimidates strong sell-off.
