The Price of ADA Has Dropped 6.75% Over the Last 24 Hours

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• Crypto prices across the board have dropped substantially over the last 24 hours.
• ADA is currently trading at around $0.3065 according to CoinMarketCap.
• Technical indicators on ADA’s daily chart suggest growing bearish momentum.

Prices in the crypto market have dropped substantially over the last 24 hours according to the crypto market tracking website, CoinMarketCap. The top 10 coins by market cap have also dropped during this time, including Cardano (ADA).

At press time, the price of Cardano (ADA) is down 6.75% over the last 24 hours. This negative price movement over the last day has also flipped the weekly performance of ADA into the negative as well as its price is down 6.18% over the last 7 days. As a result, the price of ADA is now trading at $0.3065.

Compared to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), the price of ADA has weakened against BTC by 3.50% and strengthened against ETH by 0.55%. The altcoin set a daily high at $0.3065.

Daily chart for ADA/USDT (Source: Trading View)

Technical indicators on the daily chart for ADA suggest that the price of ADA will fall over the coming days as the daily 9 EMA is positioned below the daily 20 EMA, and the daily RSI line is positioned below the daily RSI SMA line.

ADA’s price has also broken below the key support level at $0.3206 and may flip the level into resistance if it is unable to close above the level by the end of today’s trading sessions.

In addition to this, the price of ADA is breaking away below the daily 9 EMA line which is also breaking away below the daily 20 EMA line. Lastly, the daily RSI line is breaking away below the daily RSI SMA line and is sloped towards the oversold territory.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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