ADA’s Price Breaks Below Its Multi-Week Consolidation Channel

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The price of Cardano (ADA) has dropped 1.66% over the last 24 hours, according to CoinMarketCap. This has also contributed to the altcoin’s negative weekly performance. Currently, ADA’s price is down 4.65% over the last seven days. As a result, the price of ADA stands at $0.2992 at press time.

ADA has been able to strengthen against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.20% and 0.03%, respectively. The daily trading volume for ADA has also dropped over the last 24 hours and now stands at $205,787,565. This is 11.53% lower than the previous 24-hour cycle.

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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