Cardano Price Analysis: The ADA Coin Trying Hard To Sustain Above $2.5 Mark
The RSI indicates a strong bearish divergence with the ADA price action The ADA/BTC pair was trading at 0.00005353 BTC with a loss of 3.99% The 24hr trading volume in ADA coin is $5.33Billion On 7th September, the Crypto...
- The RSI indicates a strong bearish divergence with the ADA price action
- The ADA/BTC pair was trading at 0.00005353 BTC with a loss of 3.99%
- The 24hr trading volume in ADA coin is $5.33Billion
On 7th September, the Crypto market suffered from intense selling pressure, displayed by a sudden dip in the majority of coins out there. However, the ADA coin managed to hold above the $2.5 support by providing a long lower price rejection candle. Furthermore, the price showed the same picture the next day with a hammer candle indicating strong demand below it.
The current price of the ADA coin is $2.42, with an intraday loss of 3.61.
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Regarding the EMA, The ADA coin price is trading above all the crucial EMA’s 50, 100, and 200, indicating a strong bullish trend. However, the coin bears have reclaimed the 20MA line.
The RSI (BEARISH) is at 48, indicating a slightly bearish sentiment in the coin. Moreover, the RSI line also shows some bearish divergence with the coin’s price action, indicating that the bears are slowly gaining momentum.
ADA Coin Chart in the 4hr time frame
The ADA coin displayed a proper breakout from the $2.5 mark, providing a quick long opportunity for its trader. However, the price is in the retest phase, which will validate if the breakout is a genuine one or not.
Moreover, THE ADA trades can plot the traditional pivot level in their chart, which shows remarkable confluence with the SR level of this chart, providing more confirmation in one’s trading.
The MACD indicator (BEARISH) shows that both the MACD line and the signal line are moving below the neutral (0.00), indicating bearish momentum in the coin.
Conclusion: From a technical perspective, the current emotion of the ADA con is still bullish. However, as mentioned, the price is struggling to sustain above the $2.5 support, and another candle lower price rejection candle should provide more confirmation for the long traders.
Support– $2.46
Resistance- $3
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