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- Cardano slips below $1.07 to $1.04 on Monday’s trading session
- The 24-hour volume in ADA is at $3,837,093,580 with a 26.33% decrease.
- The ADA/BTC pair was trading at 0.00001756 BTC with a gain of 0.57%
The 4-hour technical chart of Cardano projects a downtrend. According to pivot points, ADA’s critical support level is placed at $1.01. Whereas if it moves up, the key resistance level to watch is $1.20. While diving into the weekly chart of a 4-hour time-frame, it completes a pin bar candlestick pattern which represents a sharp reversal and rejection of price.
SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) intersects below the SMA-50 (white), which projects a bearish trend. The price is also below SMA-100 (red). Investors may perceive a negative crossover in the chart, the price will also follow the negative trend.
RSI indicator (BEARISH), with a value of 37, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 56 to 37 in the index, it may drop more in future trading sessions.
Cardano Needs To Sustain Above $1.01
Cardano price traded at $1.04 with a loss of 4.45% in the last 24-hour and 8.22% down in the weekly time-frame.Furthermore if Cardano sustains above the support of $1.01 Investors can see a bounceback from here or if it slips below support the price may plunge. In contrast, the market capitalization stands at $33 billion. Technically, investors can perceive a negative crossover in SMA. Moreover, the movement of price can be towards the next support of $1.01.
Resistance: $1.20
Support: $1.01
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.
