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Cardano’s price falls as ADA falls in search of support.
Cardano’s price fell after attempting to break above the 55-day simple moving average.
This morning, the ADA price is giving up its gains and looking for support from which to bounce.
Expect ADA prices to fall significantly lower, near $1.37, in order to get a foothold.
Cardano (ADA) price has been on the rise in recent days, with bulls being rebuffed by the 55-day Simple Moving Average (SMA) around $1.63, only a few ticks shy of the $1.68 key historical mark. ADA price gaps were narrower this morning, and the market appeared to be paring back much of the week’s gains in search of support. Price action is likely to fall further, with support at $1.37 or $1.20.
Cardano bulls may experience another 16 percent fall.
Cardano, like most other cryptocurrencies, had a Christmas rise before stalling across the board yesterday evening. As markets reopen after a long weekend of festivities, most indexes are trading in the negative, and most cryptocurrencies are trading in the red, with the sentiment prognosis for today being pretty bleak. Cardano’s price movement is likely to continue volatile throughout the day as it seeks support.
