Cardano (ADA) has been exhibiting a range-bound trade between $0.030 to $0.035 since a fortnight now. However, with the lack of intraday momentum, there has been a dip in the trading volume and market cap of ADA. It has been just 3 days back when the coin has hit above $0.035 marking a high at $0.038. Presently, it is seen correcting downwards and lacks steady momentum.
Cardano Price Analysis:
The 4-hourly movement of ADA/USD on Kraken exhibits a downtrend to a major extent, with the lowest in the said duration marked at $0.0304. Although, at the onset of the week, the king of cryptocurrencies and many other altcoins were seeing gaining profits which seems to be momentary as Bitcoin is currently correcting below $8,000. Owing to the movement of altcoins to the price trend of BTC, we see an intraday dip in the price of Cardano as well. Currently, the coin is moving towards a 50% Fib Retracement level after hitting above 61.80% Fib Level. Alongside, the 20-day Bollinger Bands laid are seen widening which confirms the upcoming volatility.
Technical Indicators:
The technical indicators also confirm the intraday dip as we see a death crossover where the signal line is seen overriding the MACD line and holds a slight bearish divergence at present.
The RSI of Cardano is at 46.22 and withholds no extremities at present.
