In a recent update on December 18, Hoskinson conveyed his enthusiasm about the network’s current development trajectory, likening it to the early days of Bitcoin’s organic growth. Cardano Recent News Cardano’s Progress Mirrors Bitcoin’s Organic Growth, ADA Set to ThriveĬardano, a prominent player in the blockchain arena, is charting a course similar to Bitcoin’s natural progression, according to its founder Charles Hoskinson. However, if the bulls can break past this level, then the ADA/USD price could start to rally. The bearish momentum is still strong, and the bulls cannot break through the resistance at $0.6336. Cardano price analysis conclusionĬardano’s technical analysis shows a bearish trend, with ADA/USD trading at $0.6199, as of writing this article. The histogram also moves in the negative territory, indicating a strong sell-off. The MACD has continued to move lower and is below the zero line, suggesting that the sell-off could extend soon. The 20-EMA is currently below the 50-EMA, indicating a bearish price trend. The Relative Strength Index (RSI) is trading near 49.98 levels, showing that the coin’s bearish momentum might gain traction. The previous day’s candle closed in the red, and the current 4-hour candle trades below $0.6300, suggesting that bearish momentum is still strong. The bears are still firmly in control of the market, and they will continue to be in the near future unless something changes drastically. The 4-hour ADA/USD chart shows that the bulls have been unable to break past the resistance at $0.6336, preventing a rally in price action. Cardano price action on a 4-hour price chart: Bears increase grip on ADA price The 50-SMA and 20-SMA are also well below the price, indicating that the bearish pressure will continue. The 200 SMA also acts as a strong ADA/USD pair resistance level. The Moving Average Convergence Divergence (MACD) also indicates a deep sell-off as the MACD line (blue) is well below the signal line. The Relative Strength Index (RSI) is trading near 59.33 levels, indicating the coin is facing strong bearish pressure. The selling pressure is high, and if bearish momentum persists, the ADA/USD price will likely drop below $0.5900. The bears have been able to keep the ADA/USD price below $0.6300 for most of the day, and any attempt by bulls to break through this level has been met with strong resistance. The 1-day Cardano price chart shows a bearish trend in the market, with a price on an overall downward trajectory. ADA/USD price analysis on a 1-day chart: Price goes down to $0.6199 after a bearish drift The next few hours may see upward price movement as the bears take a breather, but any rallies are likely to be short-lived as the overall trend remains bearish. over the past 24 hours, with bearish and bulls unable to break either of these levels. ADA/USD Price has been trading between $0.5967. The crypto trades at $0.6199 when writing, dropping 4.60% over the last 24 hours.
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