The price of Cardano (
ADA has been able to strengthen against the two crypto market leaders, Bitcoin (BTC) and Ethereum (
Daily chart for ADA/USDT (Source: CoinMarketCap)
The drop in ADA’s price over the last two to three days has seen ADA break out of its consolidation channel between $0.3222 and $0.3000. As such, the price of ADA has set a new low for this bear cycle. The price of ADA is also trading below the 9-day and 20-day EMA lines.
Two technical flags that suggest that the bearishness will continue are the nine-day EMA trading below the 20-day EMA and the daily RSI line trading below the daily RSI SMA line. Furthermore, the RSI line is also sloped negatively towards the oversold territory.
Dan Gambardello (@cryptorecruitr), a crypto analyst, posted a tweet this morning in which he shared what ADA’s target will be if it crashes. According to the analyst, ADA’s price could drop to as low as $0.08 should it crash.
ADA’s price is now resting on a weekly support level of $0.2847. Should this level fail to hold, then the next weekly support target will be $0.1035.
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