Cardano Price: Is it Time to Short ADA?

Cardano price has been on a strong bearish trajectory for the past few weeks. The altcoin has crashed by more than 80% this year and 17% in the past month. The digital currency has shed nearly 2% in price in the last week. Cardano is the 9th most valued digital asset globally after Dogecoin.

ADA Outlook

Cardano price has been under intense pressure this year as it continues to head south. However, on Monday, the ADA token was in the green as its total market cap rose by nearly 2% over the last day. The total volume of ADA traded in the last 24 hours has climbed by 73%.

Just like most cryptocurrencies, Cardano has experienced a significant year-long drop in value. As of November 16, Cardano has decreased in value by 82.48% in the past 12 months. There have not been any recent bumps in value that could bring some positive news.

The bears have gained full control of the coin as the bears have forged a 20% decline in its price since the start of December. Cardano has encountered a massive correction in its price this year. The coin is likely to continue falling in the short term.

Cardano Price Analysis

The daily chart shows that the Cardano price has been on a strong downward trend for the past weeks. At the time of writing, the coin was trading 1% higher at $0.2617. It has moved below the 25-day and 50-day moving averages. Its Relative Strength Index is hovering slightly above the oversold region.

Therefore, the Cardano price is likely to continue falling as bears gain full control of its price. If this happens, the next logical support level will be at $0.2280. However, a hurdle above the resistance at $0.300 will invalidate this view.

ADA Price Chart

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