The trading price of Cardano is worth $0.6481 per ADA at the time of writing. The data shows Cardano has experienced a 15.68% dip in its price in the past 24-hours. The dip started to take place back on May 5, when Cardano’s price was at a high of $0.904 per ADA.
From there, the trading price of Cardano started to deteriorate and the investors kept deserting its bullish trend. The trading price of Cardano is constantly facing pressure from the bears and it may soon plummet. Time to look at the performance analysis of Cardano and see where it stands at present.
Cardano’s Technical Analysis
Starting from the relative strength index, it is currently exhibiting a score of 30.1507. The next factor is the ultimate oscillator for Cardano, which is currently hovering around 42.1716.
With Cardano constantly moving into the negative zone, it is being proposed that these scores may dip as well. They may also move in the same direction as the actual trend of Cardano.
The performance scales for Cardano are also pointing towards a strong bearish movement. The oscillators scale for Cardano shows that 37% of the total investors are willing to sell Cardano. Only 10% of the total investors are willing to buy Cardano and the rest want to remain neutral.
The scale showing the moving averages for Cardano shows more than 93% of the total investors prefer selling Cardano. The rest of the investors want to remain neutral while no one wants to buy Cardano.
This goes to show how negative the trend for Cardano is and how many investors are willing to remain negative.
Cardano May Dip to $0.4021
Considering the above situation, it can be deduced easily that Cardano may move into the bearish zone. Even now, the trend for Cardano is very negative and bearish. More investors may continue joining the trend and make it a huge loss for the bulls and buyers.
If the investors keep following the current trend, then they may support the selling sentiments of the majority of the investors. This would cause the trading price of Cardano to fall down to $0.5791 per ADA.
Once Cardano hits the $0.5791 per ADA price, it will have entered the strong support zone. At this point, the bears will draw more power to intensify the selling trend. They may try and trigger a strong selling spree to pull the trading price of Cardano down to $0.4906 per ADA.
When Cardano reaches the $0.4906 per ADA benchmark, the sellers may increase their selling power. This may result in pulling the price of Cardano down to its third string line.
The data from TradingView shows that the third strong support line for Cardano is at $0.4021 per ADA.
