Price Of Cardano May Fall Again To $0.047: The Bears Will Win?
Analyzing the current market behavior of Bitcoin, for a while you can forget about the uptrend. It is likely that the flagship cryptocurrency is losing the influence of bullish impulses and so far is consolidating around the price range of $9,000. As a rule, the market behavior of Bitcoin directly affects the state of altcoins, which we can observe for now “weak” tokens.
Now, the attention of crypto enthusiasts is focused on the relatively new Cardano cryptocurrency. Obviously, cryptocurrency is experiencing a period of fluctuation, as evidenced by technical indicators. For a long time Cardano was trading between $0.047 and $0.052.
It is likely that Cardano is now strongly influenced by the downtrend, which can determine the outcome of the market behavior of this cryptocurrency. Cardano price has declined over the past 7 days. Despite the fact that the cryptocurrency tried to stay at the support level of $0.0517, cryptanalysts predict a further decrease in its price. Cardano is expected to fall again to a support level of $0.047.
Is Cardano going the way of a downtrend?
Cryptanalysts agree that the absence of bullish impulses can play a cruel joke with Cardano. With an increase in the number of people wishing to purchase Cardano at a reduced price, its rate may fall to $0.036. The only hope for the cryptocurrency is to overcome the 200-day moving average of $0.044. If this does not happen, it is entirely possible. that Cardano will be captured by the bears.
The cryptocurrency relative strength index demonstrates the ability to restore Cardano’s market position in the second half of 2020. A crypto asset may be faced with great pressure from buyers. After a possible test of the support level of $0.047, Cardano will have to wait for bullish impulses. to get out of this price trap.