Cardano records a fresh bottom at $0.031—marking the 52-day low. A further plunge can lead the coin to trade with no existence of support levels thereof, and the coin even ends up losing the rank in the global crypto market. The rapid sliding of ADA/USD began from the trading price area of $0.055. However, the movement of the coin since previous has been majorly stably yet declining.
Cardano Price Analysis
Analyzing the daily ADA/USD movement on Kraken over the whole year until the time of writing, we see that the coin had hit the double top at $0.102 earlier this year and topped as high as $0.106. In this trading area, the coin had the major support laid at $0.055. However, as it currently trades at $0.0315, the major resistance lies at $0.055. This will happen to be an S/R Flip if the Cardano price takes an upward turn at all in the remaining days of the ongoing year.
Other than this, the ADA coin has already left active supports from all the major moving averages viz., 10-day, 50-day, 100-day, and 200-day as it slid below $0.0900 and $0.055.
Technical Indicators
The technical indicators rightly confirm the nosedive of Cardano as the MACD moves below zero and appears all bearish as the Signal line overpowers the MACD line.
The RSI of the coin is at 27.27 and has hit the major support at 30 and is sliding deeper in the oversold region.
