Cardano (ADA) Gains Support from the Short-term MAs; Trades at $0.038

Cardano was trading around the major resistance at $0.040, at the onset of the ongoing month. Drawing the respective lower highs at $0.039 and $0.038, we see that the ADA coin started the last month of the trading year 2019 on a declining note.

Within the said time duration, ADA/USD has hit the lowest below $0.0370. The current trading price is gaining support from the short-term moving averages, while the long-term support still appears faded. The selling pressure also seems to become light as it gains support from the short-term MAs. A move below $0.038 price area can lead to ultimate bearishness and volatility.

Cardano Price Prediction

Analyzing the 10-day price movement of Cardano on Kraken, we see that the coin made a strong attempt to rise, as shown by the uptrend drawn from December 06, 2019. However, yesterday, around midday, the ADA price took a reversal turn and is trading at $0.0382, at the time of penning down. This downside breakout also hit the possibility of facing the resistance at $0.040 and trade above.

Having gained grounded support from the short-term moving averages, we do not foresee a steep, awkward fall in the nearest future.

Technical Indicators:

The MACD of the ADA coin is running above zero and holds slight bearish crossover as the signal line cuts the MACD line.

The RSI of Cardano is sliding downsides and is labeled at 44.95, inclining towards the oversold region.