Cardano Price Analysis: ADA Coin Falling in Channel Following BTC’s Bearish Rally

Cardano Price is falling through a descending parallel channel over the daily chart.
The crypto asset has fallen below the 20, 50, 100, and 200-days Daily Moving Average.
The Pair of ADA/BTC is at 0.00002015 BTC with an intraday drop of 6.22%.

Cardano Price has been falling through a parallel channel over the daily chart. The crypto asset is tangled in the situation of sustainability. ADA coin must gather the support of bulls to register its breakout. However, the token tried to break out of the descending parallel channel in prior trading sessions but ADA bulls failed to sustain. ADA token needs to attract more buyers in order to escape falling through the descending channel.

Cardano Price is presently CMP at $0.66 and has lost 10.44% of its market capitalization in the last 24-hour period. However, trading volume has increased by 64.08% in the intraday trading session. This shows that buyers are still indulging themselves in the trade for the rescue of ADA. The volume to market cap ratio is 0.0724.

ADA coin price got trapped inside a descending channel over the daily chart. The token must escape falling through the descending triangle pattern and must sustain at the upper trendline over the daily chart. ADA bulls need to come forward for the rescue of the token. Gradually falling trading volume signifies the token’s fall through a falling channel over the chart.

What do Technical Indicators Suggest about ADA?

ADA coin price is declining through a falling channel over the daily chart. The token must gather support from bulls to escape the pattern. Technical indicators suggest ADA being oversold at the moment. The relative strength index confirms the token is heading to be oversold over the daily chart. MACD exhibits negative crossover of the MACD and Signal line resulting in a bearish rally of the ADA coin.

Conclusion

Cardano Price has been falling through a parallel channel over the daily chart. The crypto asset tangled in the situation of sustainability. Cardano Price has been falling through a parallel channel over the daily chart. The crypto asset is tangled in the situation of sustainability. Technical indicators suggest ADA is oversold at the moment. ADA investors need to wait for any directional change over the daily chart.

Technical Levels

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Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.