Cardano price continue to drop miserably despite Coinbase listing, indicating a probable healthy correction
Nevertheless, the ADA community still believe in the bullish momentum and the price may hit $2 very soon
ADA Slipped to Fifth Position After Latest Losses
Cardano price was trading in a very crucial position in the past weekend, however, a major bounce was on the cards. Yet the price movements surprised the crypto masses by sliding miserably, despite listing on Coinbase.
The price decline also led to a drop in the cryptocurrency ranking lists as Tether(USDT) outperformed Cardano to secure fourth place. However, the current decline is still looked upon as a healthy correction as said by an analyst.
Interestingly, the ADA community is still pretty bullish and hence a decent uptrend may be approaching very soon. Another popular exchange Coineal is also listing the asset shortly and hence, the price movement would be a very crucial one.
Cardano Price Analysis
Cardano has outperformed many assets in the past bull run with the most eye-catching price movements. Woefully, in the current scenario, the ADA price fell oscillating between an ascending channel. Also, the week buying demand in the space may be the major contributor to the inverse price rally.
The technical indicators also do not showcase a pretty healthy uptrend incoming in the near future, unless the volume surges extensively. The RSI indicators are currently trending within the lower area of the channel and hardly manifests an uptrend. On the other hand, the MACD indicators are going hand in hand without a flip that could indicate either a buy or a sell signal.
At the time of writing, the ADA price is $1.20 with a dip of 0.72% in the past 24 hours.
- The resistance levels stand at $1.3 initially and once broken the next levels are at the yearly highs at $1.47
- The support levels stand at $1.17
- The indicators for Cardano price point out towards a buy signal.