Wed, December 07, 2022

Why Did ADA Lose 6.18% in Only 24 Hours?


Over the past 24 hours, all cryptocurrency values have significantly decreased. According to data, ADA is presently trading at around $0.3065.

On the daily chart of ADA, technical indications point to increasing negative momentum. According to the cryptocurrency market tracking websites, prices in the cryptocurrency market have significantly decreased during the previous 24 hours. During this period, the top 10 cryptocurrencies by market cap have also decreased, including Cardano (ADA). As of publication, Cardano’s (ADA) price has dropped 6.75% over the last 24 hours. Due to the recent negative price movement, ADA’s performance over the last week and the past seven days have both become negative. Its price has fallen by 6.18%. The price of ADA is currently $0.3065 as a result.

Experts Read the Charts

The price of ADA has decreased by 3.50% versus Bitcoin (BTC) and increased by 0.55% against Ethereum (ETH), the two crypto market leaders. At $0.3065, the cryptocurrency reached a new daily high.

The daily 9 EMA is below the daily 20 EMA, and the daily RSI line is below the daily RSI SMA line. Technical indicators on the daily chart for ADA imply that the price of ADA will decline during the next several days. The price of ADA has also fallen below the crucial support level of $0.3206, and if it cannot close above the level before the conclusion of today’s trading sessions, it may turn the level into resistance.

Aside from that, the price of ADA is also deviating below the daily 20 EMA line and the daily 9 EMA line. Last but not least, the daily RSI line deviates below the daily RSI SMA line and slopes toward oversold territory. According to data, the price of ADA has decreased by 6.75 percent during the past 24 hours.


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