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- Cardano continues to decline despite not being listed on the FTX exchange.
- ADA’s market cap has fallen by 5.37% to $11.78 billion in the last 24-hours.
- Trading volume fell 42% overnight and was reported at $539 million.
Cardano (ADA) price seems to be a safe altcoin versus other cryptocurrencies. Due to the FTX crisis, the overall crypto market went down and the uncertainty is still here. Fortunately, Ethereum Killer-ADA was not listed on the FTX exchange, as a result of which investors were trying to keep it out of the eyes of sellers.
However, as large wallet investors are shifting their interest away from ADA price, the altcoin is seeing a steady decline. Since last night, the bears have been defending hard and pulling the price down to break the key support levels. For the short term outlook, the $0.37 area acts like a resistance, sellers turned aggressive at this level more than twice.
Amid continued decline, buyers witnessed the latest 52 week low level. This support level placed close to the next round level of $0.30, suddenly flipped into key support after rebound. Although this support is now reliable and any time bears may drag the ADA price out of the box.
At press time, Cardano price is trading at $0.342 mark against the USDT. Meanwhile, buyers again fail to manage higher price sustainability today, and it’s down 3.66%. In terms of the daily price scale, ADA price remaining below the 20 day moving average, flips into resistance. Market cap of ADA is down 5.37% in the last 24 hours at $11.78 Billion. Trading volume lost 42% overnight and reported at $539 Million.
Over the daily chart, RSI again aims to dip into extreme oversold territory. In contrast, ADX is rising above 20 mark, suggesting strength in directional trend.
Conclusion
Cardano is approaching the next round level of $0.30 before reversing the bearish trend. Although, volatility is decreasing after 10 November’s spike. Buyers need to gather altcoins to ignore sharp decline.
Support level – $0.30
Resistance level – $0.45 and $1.0
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
