ADAUSD - 1D Chart Analysis
After it's last failed attempt of crossing the 20 days Moving Average on the 20th of January, the price of Cardano seems to be set to continue it's bearish trend, influenced by the low demand for the coin despite it's very well looking project.
Since the 1st of January, the coin has registered a loss of 0.0029$ (representing only 6.90% from it's initial value) but at this stage, the odds are not looking too favorable for the following days.
From the technical perspective, the price has bounced back from the lower standard deviation of the Bollinger Bands but the increase wasn't strong enough to change the trend direction.
On top of this, with the RSI having a neutral position and with the Stochastic registering multiple crossovers but without any major impact, it seems that the price will continue it's sideways movement in this bearish trend.
If the trading volumes will remain as low as we could see it in the last weeks, the price has big chances to continue is decrease towards the level of 0.0361
Since the 1st of January, the coin has registered a loss of 0.0029$ (representing only 6.90% from it's initial value) but at this stage, the odds are not looking too favorable for the following days.
From the technical perspective, the price has bounced back from the lower standard deviation of the Bollinger Bands but the increase wasn't strong enough to change the trend direction.
On top of this, with the RSI having a neutral position and with the Stochastic registering multiple crossovers but without any major impact, it seems that the price will continue it's sideways movement in this bearish trend.
If the trading volumes will remain as low as we could see it in the last weeks, the price has big chances to continue is decrease towards the level of 0.0361
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