Crypto-Follow logo Crypto-Follow logo
Cryptoknowmics 2022-04-18 06:19:31

ADA Technical Analysis: Sellers at $1 Crush Bullish Hopes

ADA coin price shows a bullish failure to create the inverted head and shoulder and breaking under the $1 mark. Will the downtrend reach $0.75? Key technical points: The MACD and signal lines continue a downtrend below the zero line. The ADA coin price has descended by 25% within two weeks. Finally, the 24-hour trading volume of Cardano is $658 Million, marking a 48% rise. Past Performance of ADA The freefall in the ADA coin price accounts for a discount of 25% in the past two weeks and the fallout of the critical psychological barrier of $1. In addition, the prices have slipped below the 50-day SMA. The fall undermines the V-Shaped reversal observed in the latter part of March. The price heads lower after retracing fifty days of SMA fallout. Source-Tradingview ADA Technical Analysis ADA coin price action showcases a failed bullish attempt to create an inverted head and shoulder in the daily chart as bears take over trend control at the $1 barrier. Hence, the downtrend continues and warns of the $0.85 fallout. A cluster of EMAs (20, 50, and 100) maintains a bearish formation in the daily chart, with the 50-day EMA providing dynamic resistance and pushing the price lower. Hence, the 50-day EMA provided a crucial part in undermining the bullish pattern. RSI Indicator: The RSI slope showcases a downtrend continuation after the downfall from overbought territory consolidated near the halfway mark. In addition, with the falling 14-...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer