Cardano (ADA) price drops further

As of press time, Cardano (ADA) had fallen below its support line of $0.50(R7.78). Major altcoins, like Bitcoin, have either consolidated or fallen on their charts. Cardano (ADA) has maintained its bearish thesis over the long term.

On charts for the shorter time frame, ADA was indicating a possible price reversal. ADA gained 1.7 % in the last 24 hours and lost a double-digit amount in the previous week. The bulls have faded as buying strength remained bleak at the time of writing.

At the moment, $0.50(R7.78) serves as the coin’s immediate resistance level. The coin’s immediate support levels were between $0.44(R6.85) and $0.40(R6.23), respectively. If the broader market recovers and there is consistent buying power, there may be hope for a price reversal for Cardano (ADA).

At the time of writing, ADA was trading at $0.47(R7.32). Since April, the coin has formed a descending channel, indicating bearishness on the chart. ADA recently broke out of the descending channel by falling below the $0.50(R7.78) price level.

At the moment, $0.50(R7.78) represents the coin’s nearest price ceiling. If Cardano is able to break through the $0.50(R7.78) price barrier, the coin could trade near $0.58(R9.03). If the price of ADA falls below $0.47(R7.32), it will float between $0.44(R6.85) and $0.40(R6.23).

A drop below which could cause ADA to revert to its over-a-year low price level. The coin’s volume dropped significantly, indicating that bears were still in charge.

Technical Evaluation

On the four hour chart, Cardano showed signs of a price reversal. The altcoin’s price was attempting to break through the 20-SMA line. However, the sellers were still in control of the price momentum at the time.

The Relative Strength Index increased, indicating that the price was optimistic on the chart. Buyers were returning to the market, and increased demand could push the asset above the 20-day moving average.

Increased demand will cause ADA to trade near the $0.58(R9.03) level, and the coin may then attempt to reach the $0.70(R10.90) level.
Green histograms on ADA’s Awesome Oscillator indicated a change in price momentum. AO also displayed a buy signal, as evidenced by the green histograms.

Convergence of Moving Averages Divergence showed a bullish crossover and green histograms.

Green histograms indicated that the coin could attempt to rise on its charts in the coming trading sessions.

Cardano (ADA) price drops further

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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