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- Cardano price has dropped by more than 20% this month.
- ADA price fell to near two-year lows amid a monthly sell-off.
- The ADX indicator is continuously moving higher, suggesting aggressive selling in the market.
Cardano price held a long-term support level when bears sold coin again. ADA fell by 1.85% last night and today also recorded a 3.5% drop in ADA cost. In these tough times, buyers are helpless as the overall crypto market has come under selling pressure.
Market sellers often turn aggressive while bulls are reaching the $0.27 resistance level. Thus, ADA price is moving towards the yearly low of $0.2465, in fact, bears are drawing fourth red candle.
Against the USDT, Cardano price (ADA) trades at $0.2515 mark at the time of writing. The market capitalization fell 4.35% at $8.66 Billion as per last 24 hours data of CMC. Buyers may see more losses ahead if ADA moves below its swing low ahead. Following ahead, the $0.20 level may provide a price pump in 2023.
As of now, trading volume appears low compared to last week. But last night volume spiked 47% overnight and reported at $204.2 million. Despite the low volume, ADX indicator is continuously increasing higher, suggesting aggressive selling in the market.
In terms of the daily price scale, Cardano is trading below key moving averages so far. There are many challenges before buyers amid the bullish path.
The RSI indicator reaches the 30 mark, suggesting more selling in the coming days while the MFI looks to be on the sidelines above the 24 level. Both technical indicators are trailing bears. In contrast, MACD is only one indicator that provides a slightly positive outlook.
Conclusion
Buyers fail to maintain higher price sustainability in the market due to low trading volumes. Meanwhile, Cardano price could eliminate the remaining downside space. This is one last chance for the buyers to regain their dominance over ADA otherwise bears are already targeting the $0.20 support level.
Support level – $0.24 and $0.20
Resistance level – $0.30and $0.440
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.
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.
