Cardano continues to struggle with price reversal, after the coin reached a clear oversold market two weeks ago. During the previous week ADA continued to move to downside, reaching its lowest weekly level at $0.44, where it is finishing the week. RSI is not moving from the oversold market, with the highest weekly level at 35. This is a signal that the market is still not eyeing short reversal, which continues to be on hold. Since the beginning of this year, moving averages of 50 and 200 days are moving as two parallel lines with clear downtrend.
Current charts are not looking quite in favor of ADA. There are continuing prevailing selling orders on the market which might push the price of ADA further to the downside. What is currently positive is that daily trading volumes have decreased, in which sense, price could not be pushed too much lower from these levels. However, any negative fundamental news, might support further price decrease. On the opposite side, there is some probability that the price might revert modestly toward the $0.5 level in order to test this resistance line one more time.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
Current charts are not looking quite in favor of ADA. There are continuing prevailing selling orders on the market which might push the price of ADA further to the downside. What is currently positive is that daily trading volumes have decreased, in which sense, price could not be pushed too much lower from these levels. However, any negative fundamental news, might support further price decrease. On the opposite side, there is some probability that the price might revert modestly toward the $0.5 level in order to test this resistance line one more time.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
