Cardano price has bounced off a rather steady support zone of $2.00. The crypto, which is ranked 4th in the crypto market, has had its price drop by 13.51% over the seven days. According to CoinMarketCap, its market cap has declined by 6.96% while its trading volume is up by 156.52% over the past 24 hours.
On a broader perspective, the global crypto market cap remains below the crucial level of $ 2 trillion for the second consecutive session. Early on Tuesday, it was down by 10.63% at $1.88 trillion. In the near term, risk aversion will likely curb the altcoin’s gains.
Cardano price prediction
ADA has eased on its decline with 2.00 remaining a steady support level. Notably, 2.40 has been a crucial support zone for the altcoin since earlier in September. However, the selloff that commenced over the weekend has pushed Cardano price below that zone to its lowest level since mid-August.
At the time of writing, the crypto was down by 4.19% at 1.99. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages.
2.00 will be the support level to look out for in the short term. The bears may manage to push Cardano price lower to 1.90 before bouncing back above the crucial level of 2.00. On the upside, it will likely rebound further to find resistance along the 25-day EMA at 2.20.