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- 1 ADA price retraced to the 100-day EMA and is losing gains.
- 2 Buyers are trying to sustain gains and looking for a rebound.
The ADA coin showcased a retracement and is hovering near the 100-day EMA mark, revealing selling pressure. Moreover, the coin has failed to sustain the gains near the highs of $0.6800 and switched toward the support region. The price action signifies the lower lows and the trend signifies neutrality. Amidst the uptrend, the Cardano coin has flipped the gains and is willing to retain the highs.
Cardano (ADA) price reveals a dip and is hovering near the 100-day EMA support zone. Moreover, the technicals are indicating the selling pressure from the highs and buyers are facing trouble now. Despite the recovery from the bottom of $0.2400, the Cardano coin was still an investor favorite and persisted in the surge. Buyers continued to accumulate and are keen to surpass the immediate hurdle of $0.5000.
This cryptocurrency’s price was $0.4736 at press time, with an intraday gain of 0.58% showing a retracement. Moreover, the trading volume increased by 2.44% to $363.51 Million, highlighting profit booking. The pair of ADA/BTC was noted at 0.0000118 BTC, while the market cap is $17.31 Billion. Analysts are neutral and suggest that ADA may retest $0.4000 soon.
The ADA Coin on Daily Charts Displays Flag Pattern
On the daily charts, the ADA coin was in an uptrend and reached a swing high of $0.6800, but failed to sustain and noted a double top formation. Afterward, sellers carried control and made fresh short positions, which led the ADA price toward the 100-day EMA region. The ADA price is near the channel lows and is waiting for a pullback to retest the 50-day EMA mark.
The relative strength index (RSI) curve stayed in the oversold region and revealed a negative divergence, indicating the selloff. The MACD indicator shows a bearish crossover and formed red bars on the histogram suggest the volatile outlook.
The ADA Coin on Weekly Charts Replicates Double Bottom Formation
On the weekly charts, ADA price has recovered from the neckline support of $0.2400 and surged over 80% in the recent sessions. Meanwhile, the price action shows that the ADA coin has retested its breakout region of $0.4800 near the 50-day EMA mark and is ready to fly above the bars.
Summary
The Cardano (ADA) price is hovering near the channel lows of $0.4700 and is at its crucial support zone. Meanwhile, the trend is neutral and the ADA coin may attain a bounce and will surpass the swing hurdle of $0.6800 soon. If the ADA price slips below $0.4500, then the downfall may exceed.
Technical Levels
Support Levels: $0.4680 and $0.4500
Resistance Levels: $0.4900 and $0.5000
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
