Cardano (ADA) continues a month of tumbling price action that has seen a troubling -20% bleed out over the past 27 days.
With Cardano bulls currently battling to consolidate above a key support level at $0.35, ADA is trading at $0.36 (marking a 24 hour change of +1.81%).
Cardano (ADA) Price Analysis
Markets are tense as Bitcoin appears determined to rebound to $25,000 at all costs.
The MA200 continues to provide unwavering support for the current price movement, which is a bright spot; but, the MA20 is still acting as localized topside resistance.
Regarding the strategic indicators, Cardano’s RSI, which is currently standing at 40, is gradually heating up in consolidation.
This offers little comfort; a rising RSI that is not accompanied by price increases raises a significant warning flag.
Worse still, the MACD, which exhibits small bearish divergence at -0.0036, provides additional evidence of this gloomy view.
Regaining control of the MA20’s top position serves as the short-time frame as price action poses a threat of a complete breakdown.
Cardano now has a subpar Risk:Reward ratio of 0.54.
A concerning reward structure has almost two times the risk.
A ray of light emerges in the form of an eco-friendly cryptocurrency initiative as the dismal prognosis on Cardano casts a gloomy shadow over ADA’s future.
The Green Recycle-to-Earn (R2E) project eco terra offers an alluring pre-sale opportunity that is not only a step toward a sustainable future but also promises to be profitable.
Meet Ecoterra: The Future of Green Crypto Technology
The ecoterra ($ECOTERRA) pre-sale is blazing its trail and is getting close to a whopping $3.5 million, as the market trend indicates.
Investors stand to make a sizable 30% return on their investment with the ECOTERRA token’s current price of $0.00775 once it is listed at $0.01.
The time is right to take advantage of this deal because there is just a little more than a week until the next price hike to $0.0085.
