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- 1 ADA price is hovering near its make or break region around $0.500.
- 2 Buyers are putting efforts and starting to accumulate.
The ADA price has dragged below the 200 day EMA mark and is trying to pick momentum from its demand zone around $0.5000. A bearish crossover was spotted and sellers have showcased their muscles. For the past sessions, the Cardano coin has persisted in draining gains and eroded over 25% of the gains in the past two weeks. However, a hammer candlestick, followed by a range breakout candle was displayed directing the buying interest.
At press time, the Cardano coin (ADA) price traded at $0.5005 with an intraday gain of 4.47%, reflecting neutrality on the charts. It has a monthly return ratio of -23.27% and 22.15% on a yearly basis. The pair of ADA/BTC is at 0.00000756 BTC, and the market cap is $18.02 Billion. Analysts are neutral and suggest that the ADA coin may regain momentum and will surpass the 200 day EMA mark soon.
ADA Price Volume Profile On Daily Charts
The daily chart of Cardano coin showcases a rebound in the intraday session, and buyers are eager to surpass the 200 day EMA mark. However, the sellers have made their grip near $0.5000, which has a challenge for the bulls. The intraday trading volume dropped over 20.29% to $449.86 Million.
Price Volatility and Weighted Sentiment Outlook
Following the price rebound, the token displays a spike in the price volatility curve in the last session. The price volatility curve noted a surge of over 4.90% to 0.02. However, the weighted sentiment looks negative and stayed below the midline around -0.704.
Social Dominance and Social Volume AI Overview
Social dominance data noted a spike and jumped over 2.40% to 0.982%, noting a neutral outlook in the discussion reports. Similarly, the social volume AI data revealed average movement and stayed close to the midline around 37.
Development Activity and Total Open Interest Insights
The development data witnessed a significant rise of over 21.67% and sustained above the midline around 472, showing a positive outlook. However, the derivative data signifies short covering data, the open interest sharply fell over 4.79% to $568.38 Million in the last 24 hrs.
Per the Fib levels, the Cardano price has taken support on the 23.6% zone and rebounded from the demand zone of $0.4800. Similarly, the RSI curve stayed in the oversold region, and a positive crossover was noted on the charts. The price action shows a bearish crossover and highlights the selling pressure in the past sessions.
The total supply of the ADA coin is 45 Billion, whereas the volume-to-market cap ratio is 0.0289, and it is ranked 11 in terms of market cap in the global crypto market.
Summary
The Cardano coin (ADA) price initiated a pullback and is displaying bull accumulation this week. Moreover, the coin has made a bottom around $0.4700 and gained momentum in the last sessions.
Technical Levels
Support Levels: $0.4800 and $0.4500
Resistance Levels: $0.5100 and $0.5300
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.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
