- ADA’s price has consolidated between $0.24 and $0.28 over the past few days.
- At press time, ADA was trading hands at $0.257 after its price was able to climb by 0.44%.
- From a technical perspective, indicators suggested that sellers had a slight upper hand.
Cardano’s (ADA) price has remained in a range between $0.24 and $0.28 over the past few days, suggesting a state of uncertainty with neither the bulls nor the bears taking clear control. At press time, the Ethereum-killer remained in its consolidation channel, trading at $0.257, according to CoinMarketCap.
Following a 0.44% increase in ADA’s price in the last 24 hours, the cryptocurrency found itself trading closer to its daily high of $0.2593 than its daily low of $0.2534. Furthermore, ADA saw a significant boost in its 24-hour trading volume, surging by over 13% during the past day. This resulted in a total trading volume of approximately $111,240,709.
Nevertheless, it is important to acknowledge that ADA’s performance over the past week showed a decline of 3.09%. With a market capitalization of $9,016,186,621, ADA held the seventh position among cryptocurrencies based on market capitalization. This positioned it just behind USD Coin (USDC) in sixth place and ahead of Dogecoin (DOGE) in the eighth position.
Daily chart for ADA/USDT (Source: TradingView)
From a technical perspective, indicators suggested that sellers had a slight upper hand at press time. This bearish momentum was indicated by the 9-day EMA line being positioned below the 20-day EMA – signaling that short-term momentum was in favor of sellers. Furthermore, the daily RSI line was hovering just above oversold territory at 38.18.
If this bearishness continues in the next 48 hours, ADA’s price may retrace to $0.2370. On the other hand, a daily close above the $0.2585 resistance level will invalidate this bearish thesis. In this scenario, the altcoin’s price may attempt to flip the $0.2760 resistance level into support. Thereafter, continued buy support could elevate ADA to $0.2995.
Investors and traders will want to keep an eye on the RSI indicator on ADA’s daily chart for the upcoming couple of days. If the RSI line crosses above the RSI SMA line, then it may be an early indication of the bullish thesis playing out in the following few days.
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