Cardano (ADA) recorded a 3-week high in the previous week at $0.037 just to retest support at $0.031 and fail to retain steady support. The intraday price movement of ADA coin has been quite despairing as it exhibits a steep candlestick formation at the lowest at $0.031. The loss of steady momentum and support is likely to draw a confirmed bearish crossover if the coin dips below $0.030.
The choppy markets of the previous week led to a steep decline twice in 2 days, giving a double bottom at $0.031, and the intraday is not likely to draw a bullish divergence as per the current momentum of Cardano price. Moreover, the king of cryptos—Bitcoin has also plummeted below $6.6k in the opening hours today.
The price movement of ADA/USD shows the weakening of the coin due to the current economic situation and also loss of momentum. Initially, the ADA coin was experiencing a price accumulation just to experience a brief spike at $0.0375 and a choppy market thereafter.
After a week of gained momentum and price spike, the coin has lost its utter speed as far the trading is concerned, until the time of penning down. However, the market volatility is at its peak as the economic disruption takes the toll and crashes the investment avenues. The RSI of Cardano is at 35.61 and hints at the growing selling pressure if the coin does not rise above $0.034.