Home » Cardano’s Price Plunges

Cardano’s Price Plunges

by Lisa Zheng

Cardano (ADA) had a difficult start to the week, with the price quickly dropping and making a lower low. The cryptocurrency had previously peaked at 40 cents, but since then, the price had entered a downtrend that continued throughout February. The current support level is found at 35 cents, while the resistance level is at 38 cents. Trading volume has been decreasing, with bears having the upper hand. The daily RSI fell under 50 points and did not manage to reverse and break above, and the daily MACD histogram is on the negative side, indicating that buyers don’t seem to have the strength to turn this around. The bias for ADA is bearish, and should the support at 35 cents fail, it is likely that ADA’s price will fall to 30 cents by the end of February.

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