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- 1 ADA token (ADA) is currently trading at $0.259 while seeing a major change of 50.64% in the 24-hour trading volume.
- 2 ADA is observing a decrease of 8.15% in the last 24 hours.
- 3 The ADA price may make a breakout in the upcoming days.
The price of ADA is presently trading below the Simple Moving Averages and the Exponential Moving Averages. The price action indicates that there is a significant presence of sellers in the market. If it gains the buyer’s support at the current point, the price may attain a target of 20% in the upcoming days though it is not a very probable outcome and may prove to be a challenging task for the buyers.
Followed by severe bearish pressure within the last couple of days the price of the ADA token is presently observing a significant decline in its value. It recently broke its bullish trend with strong momentum which can be denoted by the long red candlesticks made in price action. The oscillators are indicating that the ADA token is significantly undervalued.
The RSI line and stochastic RSI both are bullish and the price is making spinning tops and doji candles which projects that there is exhaustion in the selling pressure.
Investors’ Total Bullish and the Bearish Sentiments
The overall parameters are highlighted in red across the LunarCrush platform. Investors’ sentiments regarding the ADA are not very encouraging at present. The total bullish sentiment metrics have depreciated by 47.27% and the Social Engagement metrics have also observed a slight fall of 43.8% according to LunarCrush.
Technical Analysis (1 Day Timeframe )
The RSI line is exhibiting that the ADA token is undervalued, It is presently attempting to make a breakout through 14 SMA. The value of the RSI line as of now is 21.87 points, while the 14 SMA is providing resistance at 24.18 points.
The stochastic RSI is trading at the extremely oversold zone level below 30 RSI level at 10.47 points. After consolidating, the %K line is crossing above the %D line near the demand zone of the stochastic indicator.
Conclusion
As per the analysis, the price action indicates that there is a significant presence of sellers in the market. The oscillators – RSI line and stochastic RSI, both indicate that the ADA token is significantly undervalued. Investors’ sentiments regarding the ADA are not very encouraging at present.
Technical levels –
Support – $2.000
Resistance – $3.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
