XBTFX

Cardano: struggle continues

COINBASE:ADAUSD   Cardano / United States Dollar
ADA continues to struggle to sustain its price at higher levels. During the previous week there had been more negative news, when project Ardana (DANA), a DeFi project based on blockchain Cardano , was halted due to issues with funding and uncertainty over its actual period of finalisation. At these tight times, it was not at all good news for ADA. The only positive news at this moment is that the volumes of trading are so decreased, that it was impossible to push the price higher to the down side.

ADA reached new historically lowest levels during the previous week, when the price reached level of $0.29. Support line at $0.30 was tested during the whole week. On a positive side is that ADA managed to sustain this level, ending the week at $0.31. On the negative side is that selling orders continue to be dominant ones. RSI had incremental moves from 34 to 38, still exposing significant weakness of ADA`s market, and investors' perception of the oversold side. Moving averages of 50 and 200 days continue to move without any change, as two parallel lines with clear downside trends.

In case that there is no more negative news for ADA, it might be expected for the coin to move in a relatively flat mode, between $0.30 support line and probably $0.33 level. Any sort of significant moves are impossible with such low trading volumes.

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