Cardano Joins The Red Screen – How ADA Fell To $0.45 Over Last 24 Hours
July 26 2022 - 1:05PM
NEWSBTC
Cardano (ADA) is all flushed today as it plunged by 6% compared to
yesterday’s high of $0.53. While it remains to hover above
the 50-day moving average, ADA may drop further down by $0.45 in
the next 24 hours as the bears take control of the market. ADA has
a fantastic weekend as it glided way up to $0.52 on July 24.
However, the coin slid to $0.48 as a result of the issues involved
in the Vasil upgrade. ADA bulls are trying to touch the $0.55
resistance level hoping to make a grand comeback but if it plummets
to $0.45, then bulls would need to try harder. Suggested Reading
| Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours
Cardano Bearish Movement Similar To Bitcoin’s Bitcoin movement has
capsized similarly to Cardano’s bearish movement. Bitcoin has
currently plunged below the $22,000 zone showing a drop of 4%. More
so, Ethereum also dropped by 5% or $1,500 in price. All other major
altcoins also plummeted in price. Dogecoin dipped to $0.06, Ripple
plunged to $0.34, Polkadot lost 5%, and Solana slid further down by
6%. As seen in the recent 24-hour candlestick chart, Cardano’s
price is forming the Evening Star pattern. It has rallied over the
weekend hovering at $0.53 but ADA succumbed to the bears and
registered a low price point as depicted in the past 48 hours.
While the price looks favorable and is on top of the 50-day moving
average, it has somewhat slipped into a dangerous coma at $0.493.
Cardano RSI has moved further down to 50.96 from 58.22 in just a
few hours which indicated a decline in market valuation. This also
confirms ADA’s bearish momentum. More so, the coin’s trading volume
also dropped by 33% overnight which implies that is very minimal
buying action taking place. Additionally, its MACD or moving
average convergence divergence curve also shows to be shooting for
a bearish forking. ADA total market cap at $15.4 billion on the
daily chart | Source: TradingView.com ADA Bulls To Tilt Market
Dynamics ADA price can dangerously go down to $0.47 in the
next couple of hours. With that in mind, ADA price will need to
hold onto dear life at the support line of $0.45 to retain its
bullish momentum in the market. The entire crypto market has been
dominantly bearish for the past few days and Cardano has been
devalued excessively with the next support level down at $0.457.
The past week for Cardano has shown a somewhat zigzag pattern in
terms of price action but now it seems the bears have dominated the
market. ADA has shaved off as much as 5.74 in value. With the
increased volatility happening and the bearish pressure mounting,
more downturns are expected. Currently, the bulls are trying to
overpower the bears but the bulls will need to hold on to the
support line to tilt the market dynamics in their favor. Suggested
Reading | TRON Bulls Are Back To Pump Some Energy Into TRX
Coin Featured image from Portal do Bitcoin, chart from
TradingView.com
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