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- After an uptrend, the bears now managed to make a trend reversal. The bulls need to support the coin.
- The trading volume decreased 39.31 percent in just 24 hrs. The selling pressure is breathtaking for the traders.
- The ADA/BTC pair is at 0.00002039 BTC with a loss of 4.64% in it.
Cardano is a proof of stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. ADA is one of the biggest blockchains to successfully use a proof of stake consensus mechanism, which is less energy-intensive than the proof of work algorithm relied upon by BTC.
After the winds of recovery, the ADA price has begun to fall over the daily chart. The price started its recovery after hitting the support of $0.45 and made a breakout over the resistance of $0.65 after which the bears jumped into the market and smashed the bulls’ efforts and making the price fall 7.7% in just one and a half-day and still falling. The bears scattered the ADA bulls and made the volume fall more than 30 percent in just an intraday trading session. If the situation continues the coin may fall to its all-time low again.
The price for one ADA is currently trading at $0.60 with a loss of 6.88% in its market capitalization in the last 24 hrs. The coin has a volume of 920 million with a loss of 39.31% in the 24 hrs trading session and a market cap of 20 billion. The volume market cap ratio is 0.04448.
Unleashing the Reason Behind the Fall for ADA Price.
The coin has started falling under the influence of bearish pressure over the daily chart. The bears have started dominating the market once again and it seems that they have successfully reversed the trend. The reason behind the fall for ADA is the drop in the trading volume and the increasing selling pressure.
The relative strength index in support of the statement indicates the increase in selling with a dive. The RSI value is below 55.
Whereas the MACD indicator is also indicating the beginning of trend reversal and is in favor of bears.
Conclusion
After the winds of recovery, the ADA price has begun to fall over the daily chart. The bears scattered the ADA bulls and made the volume fall more than 30 percent in just an intraday trading session. This time the technical indicators are also in favor of bears.
Technical levels
Resistance levels: $0.66 and $0.70
Support levels: $0.60 and $0.55
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.
ALSO READ: Charles Hoskinson projects “exponential growth” after Cardano’s new update
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
