Cardano Exhibits Plunge Due to Heavy Pressure

Cardano coin was spotted breaching 90-day high during yesterday’s intraday movement and set a new at $0.0573. During the last 30-days, the currency has violated the 30-days high and now 90-days high. The prospect looks good for the ADA coin. As per the current price trend, the currency might bring loss to the intraday traders. However, the trend might reverse soon.

Cardano Price Analysis

Yesterday, Cardano’s price was spotted at $0.05310 during the opening hour. From 02:43 to 05:27 UTC, the ADA price escalated to $0.0570. The coin couldn’t hold at this price level and dropped to $0.0557 at 08:25 UTC. Further, the price improved and touched $0.0575 by 3.10% hike. ADA price was spotted dropping again to $0.0548 at 12:24 UTC. The coin picked up the pace and escalated to $0.0563 by 2.77%. Later, the currency is spotted a moderate fall. Further, the closing hour brought the price to $0.0531.

Today, Cardano’s price slipped to $0.0520 during the opening hour. However, the price improved to $0.0543 at 01:55 UTC. Later, the price dropped to $0.0533 by 1.10%. Recently, the ADA price recovered and jumped to $0.0547.

The MACD indicator is reflecting that signal and MACD lines have tangled yet moving upwards. For the intraday traders, the recent improvement in the coin might take it to the immediate resistance level at $0.0563 in the upcoming hours. However, if the trend reverses, then the coin might find immediate support at $0.0516.

R1: $0.0563, R2: $0.0592 and R3: $0.0611

S1: $0.0516, S2: $0.0497 and S3: $0.0468