Over the course of the week, Bitcoin, the world’s largest cryptocurrency, saw its price fall below $9,500. Further, it would seem that the general bearish sentiment has trickled down into the altcoin market as well. Like for Bitcoin, the past week wasn’t particularly kind to altcoins either, with popular cryptos like Cardano, Tron, and Cosmos noting a significant dip in their prices.
Cardano’s price action over the past week noted signs of volatility, with ADA, in over a week’s time, having lost over 8 percent of its trading value. At press time, Cardano was being traded at $0.079 with a market cap of $2 billion. The trading price of Cardano was almost equidistant from its support at $0.071 and its immediate resistance at $0.089.
However, if the price were to take a serious hit in the coming days, the next strong support for Cardano was observed to be at $0.049.
The Bollinger Bands, after having significantly expanded, were contracting at the time of writing, signaling increased price stability. The RSI, on the other hand, after having spent time in the overbought zone, was now making its way to the neutral zone.
Interestingly, in a recent interview, CEO of IOHK – Charles Hoskinson had noted how in terms of developments, there is a small gap between Cardano and Ethereum, adding that the former is quickly catching up.