Cardano [ADA] Slids To 5th Spot After Fresh Losses

Cardano [ADA] Slids To 5th Spot After Fresh Losses

Cardano [ADA] is no longer the third-largest cryptocurrency by market cap. Following the weekend correction, ADA fell to fifth spot underlining a bearish presence in the market despite a rather stellar performance over the past couple of weeks.

The crypto asset has raked significant profit owing to several milestones that the underlying blockchain network achieved. The recent Coinbase listing significantly pushed its price up even as the positive trend was short-lived with its weekly gains decreasing below 11%.

Cardano [ADA] was valued at $1.20, after a depreciation of 5.39% over the last 24-hours. At the time of writing, the crypto-asset recorded a market cap of $38.4 billion and a 24-hour trading volume of $4.67 billion.

Cardano [ADA] Daily Chart:

ADA1
Cardano [ADA] Slids To 5th Spot After Fresh Losses 1

ADA fell after oscillating between an ascending channel on the daily chart. The token initiated a fresh climb shortly before turning down after a local top formation. Its value has not slipped under its immediate support and could potentially consolidate in days to come.

As the volatility took a breather, the moving averages continued to project a bullish macro outlook.

ADA’s Technicals Look Bleak

ADA 2
Cardano [ADA] Slids To 5th Spot After Fresh Losses 2

ADA has outperformed several assets over the last year. This has reflected in its price action and its position on the cryptocurrency ladder. However, the MACD has failed to flip on the positive side after sustaining yet another bearish crossover in less than a week. This evidenced a weak buying demand in the coin marker.

The red closing bar after successive green bars on the index of the Awesome Oscillator also showed a shift in momentum towards the selling side.

The RSI moved south after being turned down from the overbought zone. Even as it held its fort above the 50-median line, it depicted a bearish divergence by forming lower high that corresponded to a higher highs on the price side.

If the Cardano bulls fail to defend its price, bears could potentially move the price towards its immediate support levels of $1.02 and $$0.844 while its resistance remained unbreached at $1.29 and $1.38 respectively.

Published at Sun, 21 Mar 2021 16:10:35 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.