Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate

Cardano price has been consolidating on its chart at the time of writing. Over the past day, ADA moved down by 0.6%, indicating that the altcoin was rangebound. In the past week, Cardano price has depreciated by 3%. The bulls had helped the coin to soar close to the $0.46 level as demand for the coin returned briefly on the chart. There has been rigid resistance to the altcoin at the $0.48 price mark. The technical outlook of the Cardano price has remained bearish as selling strength mounted on the chart. The support zone for the coin stood between $0.44 and $0.40 on the chart. If buying strength returns, the coin may try to move close to $0.46 before attempting $0.48. At the present time, ADA is trading 86% lower than its all-time high. With increased and sustained demand, ADA should be able to manage to move above $0.48, which could cause the altcoin to invalidate its bearish thesis. Cardano Price Analysis: One Day Chart ADA was trading at $0.44 at the time of writing. The bulls had stuck around for Cardano price to touch the $0.46 mark. The bulls were rejected soon after that. Overhead resistance for ADA was at $0.48, following which the coin might encounter another price ceiling at $0.52 before unleashing the bulls again. On the other hand, the nearest price floor for Cardano was $0.41. Falling below that level will only strengthen the power of the bears. The amount of Cardano traded in the last session fell, indicating th...