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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.
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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