ADA Price in Selling Zone; Could It Melt to This Year Low Soon

• The ADA price has surpassed the 20-day EMA and entered the lower high zone.
• Cardano Crypto ranked 11th in terms of market cap in the cryptocurrency market.

The ADA price has been bullish since October 2024 and secured 200% till March 20024. The bullish trend in Cardano crypto was halted near the $0.800 hurdle. After a battle of 2 weeks at the top, buyers lost momentum and witnessed selling pressure.

Since March, the ADA crypto price has declined by 50%, struggling below the key moving averages. The digital asset price has been declining in lower lows and lower highs format.

After forming a lower low territory, the price has extended to the lower high zone by exceeding the 20-day EMA. After a consolidation of 2 weeks, the ADA price has surged by 17% a week.

Could the ADA Price Trigger a Positive Breakout?

A source on X claimed that the ADA price is ready to shoot up soon after the breakout. Based on the technical chart, the price has declined through a falling channel. 

— Crypto Yapper (@CryptoYapper) August 25, 2024

If the price triggers a breakout from this channel, it is expected to reach the $0.55 mark in a few days.

Cardano price Overview

Cardano crypto was traded at $0.380 at press time, which dropped by 3.30% in the past 24 hours. It has a market capitalization of $13.70 Billion, and its 24-hour trading volume is $292.24 Million.

It has a circulating supply of 35,954,055,411 ADA; the total supply is 37,157,110,715 ADA. Also, the maximum supply is 45,000,000,000 ADA. The circulating supply was $17.14 Billion at the time of writing.

Technical Analysis of ADA Price Over 1-D Timeframe

After the bearish trend, the price halted near the $0.320 level and showed bullish signs. The $0.2400 hurdle would be a main support level for buyers to remain in the game and dominate further.

As we can see, the ADA price has destroyed the 20-day EMA and is heading for the 200-day EMA. Strong buying momentum can be anticipated if the digital asset price manages to surpass the 200-day EMA. Assuming the trading volume increases at the time of breakout, the price may remain bullish for longer.

Alternatively, sellers may dominate further if the price slips below the 20-day EMA. A bearish candlestick in this territory would be a selling signal, and sellers may be eyeing a new lower-low zone.

Turning to the technical indicators, the price surpassed the 20-day EMA and the eye for the 200-day EMA. The RSI has recovered rapidly from the oversold zone and is heading toward the overbought zone.

Cardano Price Forecast

The ADA price has experienced a bearish trend since March, with a 50% decrease in price. Considering the recent movement past the 20-day EMA into the lower high zone, there is hope for a bullish momentum after a potential breakout. 

Cardano Crypto currently ranks 11th in terms of market cap in the cryptocurrency market.

The digital asset price has faced resistance near the $0.800 mark, resulting in a decline of 50% and a struggle below key moving averages. However, there is potential for a positive breakout. 

It could lead the price to reach the $0.55 mark, especially if it surpasses the 200-day EMA with strong buying momentum.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.