- Cardano (ADA) dropped below the critical $0.40 level, now trading at around $0.39
- ADA surpassed $0.40 over the weekend but failed to hold above that level
- A major support is held at $0.38
Cardano Fails to Hold $0.40, Trending Downward
Cardano has been slowly moving up for the past couple of weeks, with the altcoin hitting a weekly high of $0.428 this weekend. However, this failed to hold and Cardano dropped back down below $0.40 again today.
At the moment, a downward trend is forming based on today’s price actions. Cardano is currently trading at around $0.39, near its 20-day moving average and below its 5-day moving average, hence any significant movement would likely be down rather than up. A major support has been established at $0.38.
The technical indicators are neither bullish nor bearish on Cardano. An RSI score 50 doesn’t say much about whether the altcoin is overbought or underbought. Also, no strong signals are identified by looking at the MACD lines.
Looking at the Technical Indicators:
- Hourly MACD & RSI — No bullish or bearish signal
- Major Resistance Level — $0.43
- Major Support Level — $0.38
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