Cardano News: In this article, we will give general information about the current status of Cardano (ADA) and how it can be followed. It is currently trading at around $1.06.
The main reason for the decline in Cardano (ADA) is due to the recent change in the general sentiment towards cryptocurrencies. While Bitcoin, which we can call the leader of the crypto market, falls below the level of $ 30,000, most digital currencies are subject to bearish pressure and strong sales are taking place.
There is a possibility that the declines, which have crypto regulations and reviews by companies and exchanges in the crypto sector, will spread to other cryptocurrencies in the coming months.
On a positive note, ADA announced this month that they will list Cardano (ADA) on Singapore-based crypto exchange Bitrue for native assets on the blockchain network. We can say that this can create a small improvement.
ADA Price Analysis
On the 4-hour chart of ADA/USD, the moving averages and the MACD indicator are showing a bearish bias. On the other hand, the leading technical indicators RSI and momentum are also bullish on the crypto pair.
Cardano price is below the pivot point at $1.23 and just below the support at $1.09. If there are more downsides, it could test the second major support level at $1.01. If it falls further, there may be a second break below the $1 level.
However, if traders take advantage of the low price and volatility and make strong buys, we could see ADA rise towards the initial resistance level at $1.31.