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-...