Cardano (ADA), price suffered a long run with a falling angle. It formed June 27, at $0.52. ADA price has slowly fallen to $0.44 support since then.
Nonetheless, ADA may be slowly returning to the green zone, as its price increased throughout the weekend’s session after plummeting to a low of $0.43 on Friday.
Cardano, a third-generation decentralized blockchain platform for proof-of work networks, is Cardano.
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The token is at a crossroads at this point, and the price might move in any direction. A rise to $0.64 by the bulls is possible if they can gather enough power. However, the support zone of $0.42- $0.44 could potentially give the coin some extra push.
The trend is likely to favor sellers in the coming days. ADA may experience a prolonged dip unless buyers act immediately to support it.
Bear Market Causes ADA to 7-Day Weakness
ADA trades at $0.4507 as of the writing. This is 9.5% lower than in seven previous days according to data from Coingecko, Sunday.
The broader crypto market continues to exhibit bearish indicators, headed by Bitcoin’s inability to surpass the $20,000 threshold. BTC (the most-wanted cryptocurrency) is trading at $19105. That’s 11.2% less than the previous week according to Coingecko stats.
Source: TradingView.com| Source: TradingView.com
Ethereum fell by over 2 percentage points, but remained above the $1,000 threshold. Ripple and Dogecoin were unchanged at $0.44, $0.05 and respectively. Solana dropped 2% to $33.04. Litecoin dropped by 2%, to $50.57. Polkadot fell at $6.70.
ADA ranks eighth on CoinMarketCap’s chart of the largest cryptocurrencies by market capitalization. Its price fell 3.80% over 24 hours, to $0.4514. Its market capitalization totals $15.37 billion.
Cardano is in the Bulls’ hands
Bulls could reclaim the 21 day simple moving average at $0.50 to end the bearish downtrend. This level could be recovered by the bulls, which would give them a 170% increase in the Cardano price.
The increasing relative strength index score (RSI), 41.40 shows that ADA may be on the rise at this time.
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If buyers are able to consolidate over the trend in the 24-48 hours, ADA will aim for the 50-day exponential moving mean (EMA).
For a trend reversal to materialize, ADA must close above the present pattern’s upper limit within the following 24 hours. A decline of $0.42 could undermine the optimism.
Featured Image from Cryptoknowmics. Chart from TradingView.com