• The ADA coin indicates that the 20- and 50-day EMAs can soon offer bearish crossover
• The ADA/BTC pair was trading at 0.0000504 BTC, with a loss of 0.781%
• The 24hr trading volume of the ADA coin is $2.71 billion.

As mentioned in my previous article on Cardano, the retracement phase in ADA coin has not yet ended as the price has recently declined from another market 2.3 mark with a long wick shooting star candle. The coin price is now charging towards the lower levels of the chart; however, this fall is interrupted by the 100-EMA, as the price seems to be getting good support from this line.

Concerning the EMAs, the ADA coin price trades above the 100 and 200 EMAs, indicating a bullish trend is still intact. However, the chart shows that the 50 and 20 EMA are on the verge of giving a bearish crossover, encouraging market sellers.

The RSI value is at 42, indicating a bearish sentiment in the ADA coin. Also, the RSI line shows a significant decrease in its value concerning the coin’s price action.

The ADA Coin Shows A Falling Wedge Pattern.

The ADA coin shows a falling wedge pattern in the 4hr time frame. This price is currently traveling from the resistance trendline to the bottom support one. This pattern could provide an excellent entry opportunity for the Crypto trader, as the breakout from its overhead resistance level will provide great confirmation for the end of the retracement period.

The moving average convergence/divergence indicator (BEARISH) shows that both the MACD and the signal line are moving below the neutral area(0.00), indicating bearish momentum.

EMURGO investing $100 Million In Cardano To Bolster DeFi Adoption

This announcement by EMURGO has significant implications for the future development of DeFi on the Cardano network. EMURGO is the commercial arm for the Cardano Foundation and has taken steps to support the development of decentralized financial solutions in the ecosystem. With a major investment of $100 million, DeFi will grow and develop its ecosystem.

DeFi at the frontline

The ecosystem’s $100 million investment is intended to promote the network’s capabilities and uses to developers. NFTs can now be used on the blockchain. However, it takes a while for decentralized finance to become operational. This is because developers must build and test their protocols before they are made available to users. This ensures that funds stored in these protocols are secure.

+DeFi will offer DeFi on the network, including lending, borrowing, yield farming, and other services to ecosystem users. These services are built on smart contracts that were deployed on Cardano’s network. This investment will help the blockchain create a niche in the rapidly growing decentralized finance market. It will also be able to compete with big dogs like Ethereum, Solana, and Algorand.

Source- Twitter

Conclusion: From a technical perspective, the overall trend for ADA coins is bullish. And as mentioned above, the coin price is currently resonating in a falling wedge pattern. The Crypto traders can take advantage of this pattern to identify when the uptrend will resume.

Support – $2

Resistance: $2.3