ADA Sees Slight 24 Hour Gain But Investors Wary Of Market Bottom

Cardano (ADA) has risen slightly in price over the last 24 hours.
TA shows that the coin is oversold and still in a bearish trend.
Fears that the crypto market has not bottomed yet may suggest that ADA’s price will fall more.

The brain child of Charles Hoskinson and his team, Cardano (ADA), has risen slightly in price over the last 24 hours according to the crypto market tracker, CoinMarketCap.

ADA’s price has risen 0.73% to $0.5344 in the last day. However, it still has a long way to recover from its weekly loss of around 28.51%.

Ranked number 7 on CoinMarketCap’s list, ADA has a market cap of $18,056,889,013. Its trading volume has also fallen by 25.42% over the last 24 hours as only $1,045,315,697 ADA was traded over the last day.

ADA/USDT RSI shows that the coin is oversold (Source: TradingView)

Looking at the daily shart for ADA/USDT, the Relative Strength Index (RSI) shows that the coin is oversold. The gradient of the RSI line shows that it tried to break past the signal line and exit oversold territory, but was unable to do so.

The 20 and 50 Exponential Moving Averages (EMAs) indicate the ADA/USDT is still in a bearish trend, as the 20 EMA is still positioned under the 50 EMA with no evidence that the two will cross bullish anytime soon.

The price of ADA may continue to fall further when looking at the current sentiment in the cryptocurrency market. The crypto community fears that we have not seen the bottom of this market crash.

There is also the fear that the rebound we have seen with LUNA may just be a trap. If this is the case, the crypto market may be liquidated further – having a negative cascading effect on all of the cryptos in the market.