- Cardano Price is trading with strong downtrend momentum over the daily price chart.
- The crypto asset has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of ADA/BTC is at 0.0000232 BTC with an intraday drop of 1.27%.
Cardano’s price has been falling through a descending parallel channel over the daily price chart. The token has been consolidating inside the horizontal range-bound area and is trading towards the lower trendline to register its breakdown. ADA coin must recover above the upper trendline of the consolidation phase and then after above the parallel channel. ADA coin must gather support from the buyers in order to register its recovery phase. The token must avoid falling below the consolidation phase towards the lower trendline of the parallel channel. ADA must attract more buyers to avoid falling more.
Cardano’s price is presently CMP at $0.44 and has lost 6.84% of its market capitalization in the last 24-hour period. However, trading volume has increased by 9.69% in the intraday trading session. This shows that buyers are trying to accumulate themselves to let ADA sustain at the lower trendline. The volume to market cap ratio is 0.05466.
ADA coin price must attract more buyers in order to start its recovery phase. The crypto asset has fallen below the 20, 50, 100, and 200-day Daily Moving Average. ADA coin must recover above the upper trendline of the consolidation phase and then after above the parallel channel. Gradually falling volume signifies the downtrend momentum of the ADA coin.
Support on the lower end is at $0.40 and resistance on the higher side is at $0.65.
When will ADA escape the Falling Pattern?
ADA coin pierce is preparing itself for the recovery phase. However, the token is currently facing short-selling pressure and is heading towards the lower trendline. ADA must gather support to avoid falling significantly. Technical indicators suggest the downtrend momentum of ADA coin.
The relative Strength Index showcases the bearish momentum of the ADA coin. RSI is at 38 and is heading towards the oversold territory.
MACD exhibits the consolidation phase of ADA inside the descending parallel channel. The MACD line is heading towards the signal line for a negative crossover. ADA investors need to wait for any directional change over the daily price chart.
Conclusion
Cardano’s price has been falling through a descending parallel channel over the daily price chart. The token has been consolidating inside the horizontal range-bound area and is trading towards the lower trendline to register its breakdown. ADA coin must recover above the upper trendline of the consolidation phase and then after above the parallel channel. Gradually falling volume signifies the downtrend momentum of the ADA coin. Technical indicators suggest the downtrend momentum of the ADA coin. RSI is at 38 and is heading towards the oversold territory. ADA investors need to wait for any directional change over the daily price chart.
Technical Levels
Support Level: $0.40
Resistance Level: $0.65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
