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- 1 ADA coin price chart shows profit booking as it hovers near the 100 day EMA mark.
- 2 The intraday volume dropped over 29% and price jumped over 1.28%.
The ADA price revealed a profit booking scenario and is hovering around the 100 day EMA mark and facing consolidation movements in the past sessions. However, the Cardano coin price has holded the 38.2% Fibonacci retracement zone and bulls are attempting for a pullback to cross the prompt resistance mark of $0.600. This month, the price action signifies bearish momentum and no buying activity was highlighted on the charts.
At press time, the Cardano coin (ADA) price was trading at $0.5895 with an intraday gain of 1.28%, reflecting neutrality on the charts. It has a monthly return ratio of -21.30% and 54.30% on a yearly basis. The pair of ADA/BTC is at 0.00000853 BTC, and the market cap is $21.77 Billion. Analysts are neutral and suggest that the ADA coin price may rebound and will retest the upside of $0.8000 soon.
ADA Price Volume Profile Analysis On Daily Chart
Per the Santiment data, following the market down move, ADA price has contributed the gains and investors have squared off their long positions, resulting in a loss of over 26% in the past two weeks. The follow on selling pressure was depicted and the token formed a double top pattern on the charts. The trading volume looks average and stands at $249.51 Million.
Price Volatility and Weighted Sentiment Signifies A Negative Outlook
Following the price retracement , the ADA coin depicts a drop in the price volatility data, revealing low investor interest. The volatility curve stands below the midline, noted around 0.004. However, the weighted sentiment data stands in the negative region, noted at around -1.338, an adverse sentiment among investors was noted.
Social Dominance & X Followers Insights
The data indicates that, the social dominance data noted a surge and the value spiked to 1.639%, glimpsing a positive outlook. However, the X followers’ data displayed a drop to the -511 mark, signifying a negative outlook.
Development Activity and Open Interest Data Outlook
Per the above chart, the development activity shows a rise to the 86.31 mark, signifying a positive outlook. However, the open interest data remained average and surged only by 0.76% to $1.1 Billion.
Per the Fib levels, the Cardano price has sustained near the 38.2% zone and is trading above the mid Bollinger Band. The RSI curve stayed in the oversold region near 38, reflecting a negative crossover on the charts.
The total supply of the ADA is 45 billion, whereas the volume-to-market cap ratio is 0.0115, and it stands at 9 per the market cap in the global crypto market.
Summary
The Cardano coin (ADA) price showcased a retracement and reverted to the 100 day EMA guiding selling pressure this week. However, the trend is neutral and the coin hovers in a range and is attempting a pullback.
Technical Levels
Support Levels: $0.5500 and $0.5300
Resistance Levels: $0.6100 and $0.6600
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.
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.
