Technicals Are Bearish as ADA’s Price Rests on 9-Day Support

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Technicals Are Bearish as ADA’s Price Rests on 9-Day Support

The price of Cardano (ADA) has risen slightly over the last 24 hours. According to CoinMarketCap, the price of ADA is up 0.63%. This has pushed ADA’s price up to $0.3351 at press time. As a result, ADA’s price is up 2% over the last 7 days as well.

As expected, the daily trading volume for ADA has dropped 46.74% over the last 24 hours as the business week comes to an end. ADA’s daily trading volume currently stands at $239,885,011.

Technicals Are Bearish as ADA’s Price Rests on 9-Day Support

Daily chart for ADA/USDT (Source: CoinMarketCap)

Looking at ADA’s daily chart, the altcoin’s price is currently trading in the middle of a parallel price channel between $0.3257 and $0.3714. This is after it bounced off of the lower bound of the price channel.

Investors and traders should note that ADA’s price is resting on the 9-day EMA line, which is currently offering ADA’s price some support.

Despite the 9-day EMA being bullishly positioned above the 20-day EMA line, the daily RSI indicator is flagging bearish. At press time, the daily RSI line is positioned below the daily RSI SMA line. In addition to this, the daily RSI line is sloped bearishly towards the oversold territory.

If the support level at $0.03257 fails to hold ADA’s price up, then ADA’s price will drop to the 20-day EMA level. This level is also the next major support on ADA’s chart, and sits at $0.3170. An early confirmation of this bearish thesis will be if ADA’s price closes below the 9-day EMA line at the end of today’s trading session.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their 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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