Cardano Price Analysis: the price is hovering below 30-days MA

Cardano price analysis : The coin has not shown a great price rally till today. This movement in the bearish trend is seen not just on the part of Cardano. Various other cryptocurrencies are also dipping in the bearish zone. The trending line is moving below 30-days moving average.

Price of Cardano

The current price of ADA is $0.0451 at the time of writing with a change of 0.88% in 24-hours.

Cardano Price Prediction

The trend line of the coin is hovering between the support level at 0.043 and the resistance level at 0.46 according to the 4-hours chart. According to our technical analysis, the value may break the given resistance level and move towards the green trend zone. But the past movement by ADA is not very satisfactory and can put the traders in more loss state.

Market Statistics

The market cap of Cardano is standing at $1,171,299,471 USD and 113,514 BTC. The 24-hours volume has captured the mark of $48,274,245 USD. 25,927,070,538 tokens are circulating in the crypto markets out of total 31,112,483,74ADA.

Performance of Three Months

The price of ADA dumped in the bearish trend from the past three months because it has decreased by -44.64%. This dumping has created a feeling of sadness among crypto traders and investors. The value slumped from the figure of 0.08 to the current level of 0.045.

Cardano News and Events

The two years have passed since Cardano came into the crypto world and the performance of two years is very satisfactory. On its anniversary event, the Foundation is planning to design some campaigns and events to celebrate this event.

The tweet posted by the firm is laying out what they are offering:

Dear #Cardano Community. In line with our second anniversary we have a #AMA event on our forum to celebrate two years with such a highly committed and welcoming community.

If anyone wants to participate in this event, the procedure is mentioned below in the tweet posted by Cardano Foundation.

Conclusion

The current position of the token is heading towards a downward trend but if the trend line crosses the resistance level of 0.46, the value may achieve the mark of $0.048

Adeline Gibbs

Adeline Gibbs is a writer and a vital contributor to Tokenhell. She always stay up-to-date with latest happenings in crypto world.

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