Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls
July 03 2022 - 9:28AM
NEWSBTC
Cardano (ADA) price experienced a protracted run along a falling
angle formed on June 27, when the price was $0.52. Since then, ADA
has retreated gradually to find support at $0.44. 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 is a decentralized proof-of-stake
blockchain platform of the third generation aiming to be a more
effective option to proof-of-work networks. Suggested Reading |
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The token is at a crossroads at this point, and the price
might move in any direction. If the bulls can summon enough
strength, an upswing to $0.64 is possible, but the support zone
around $0.42 to $0.44 might potentially provide some more push for
the coin. In the next days, the overall trend will likely benefit
the sellers. Unless buyers intervene at the immediate support
level, ADA could experience a lengthy dip prior to a robust
recovery. Bear Market Pushes ADA To 7-Day Weakness As of this
writing, ADA is trading at $0.4507, down 9.5% in the last seven
days, data from Coingecko show, Sunday. The broader
crypto market continues to exhibit bearish indicators, headed
by Bitcoin’s inability to surpass the $20,000 threshold. BTC, the
most sought-after cryptocurrency, is currently trading at $19,105,
down 11.2% in the past week, according to Coingecko statistics. ADA
total market cap at $15.6 billion on the weekend chart | Source:
TradingView.com In contrast, Ethereum declined by more over 2
percent, remaining just above the $1,000 threshold. Ripple and
Dogecoin remained unchanged at $0.44 and $0.05 respectively, while
Solana declined 2% to $33.04. Litecoin decreased by 2% to $50.57,
whereas Polkadot fell to $6.70. ADA ranks eighth on CoinMarketCap’s
chart of the largest cryptocurrencies by market capitalization. The
coin saw a 24-hour decline of 3.80%, bringing its price to $0.4514.
Consequently, its entire market capitalization is $15.37 billion.
The Bulls Have Their Hands Full To Lift Cardano If the bulls are
able to retake the 21-day simple moving average, which is now
located at $0.50, the bearish downtrend could be invalidated early
on. If the bulls can reclaim this level, they may be able to
advance to $1.20, a 170 percent increase from the current Cardano
price. As evidenced by the rising relative strength index (RSI)
score of 41.40, ADA is likely to advance at the present time.
Suggested Reading | Shiba Inu (SHIB) Shines Green In Pool Of
Crimson – Who’s Buying? If buyers can consolidate above the current
trend over the next 24 to 48 hours, ADA will be aiming for the
critical 50-day exponential moving average (EMA). For a trend
reversal to materialize, ADA must close above the present pattern’s
upper limit within the following 24 hours. In contrast, a decline
to $0.42 might undercut the optimistic rationale. Featured image
from Cryptoknowmics, chart from TradingView.com
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