This week Cardano was among the best performing Altcoins in the crypto space as CoinMarketCap data reveals. ADA stays higher versus last week on the given date. With a market value of $8.5 million, it currently occupies the 15th place on the market. The digital asset has a trading volume of $91 million in 24-hour exchange. Cardano (ADA) is undergoing a major price pullback as today’s market records 9 percent decline from the week’s high as total crypto-currency market risks bearish corrections across the board. After reaching past $0.0370 mark, the bears are back in charge while the coin is almost back to where it began this week. IOHK product managers noted that the Shelley Incentivized Testnet (ITN) was a huge success as more than 1,000 stake pools were generated with 17,000 people ceding 38 percent of the total ADA supply.
*Cardano (ADA) is undergoing a major price pullback as today’s market records 9 percent decline from the week’s high
*After reaching past $0.0370 mark, the bears are back in charge
*Shelley Incentivized Testnet (ITN) was a huge success
Resistance Levels: $0.0457, $0.0400, $0.0370
Support Levels: $0.0298, $0.0260, $0.0223
ADA/USD Daily Chart: Ranging
Despite the bullish spike on Monday, the bears once again took over ADA/USD. The price increased from $0.0316 level to register a near-term high of $0.0372 level on Wednesday, but today the bears took over and since then the price has dropped from $0.0372 level to $0.0321 low level in today’s session. Technical indicators indicate that there is a lower correction of the overall crypto market sentiment, so we foresee a further price decline.
The pair is currently trading below the changing 50-day and 200-day averages. Once we see more rising volume combined with a bullish reviving, on the upside the ADA/USD pair may start correcting gain significantly. Without it, the tension on the bears may get intense for more declines.
ADA/USD 4-Hour Chart: Ranging
As the market opens today, ADA/USD is seeing a measure of a price pullback. The technical indicator RSI has already entered the bearish phase but in a state of oversold. Unless the price path falls beneath the lower level of horizontal support at $0.0320, a bearish price change may be expected. A few days ago ADA began a quick rebound trajectory and reached as high as $0.0372 from the $0.0320 level as observed at the time of writing.
Also, if ADA/USD continues to stay underneath bears pressure, the price will probably drop to $0.0298 and $0.0260 levels at the nearest supports. Taking a look vertically, to hit the possible congestion zone at $0.0370 level, the bulls must push the coin above the MA 50 over the 4-hour time frame. While the pair ranges in the short term, the price is attempting a break at the level of $0.0320 and if it breaches, we should expect Cardano to repeat a low of March at around $0.0223 level.
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