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Cardano Joins The Red Screen – How ADA Fell To $0.45 Over Last 24 Hours

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Cardano (ADA) is up today as it is down 6% from yesterday’s high of $0.53. As long as it remains above the 50-day moving average, ADA could drop another $0.45 in the next 24 hours as the bears take control of the market.

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ADA had a fantastic weekend as it surged to $0.52 on July 24th. However, the coin dropped to $0.48 due to issues related to the Vasil update.

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The ADA bulls are trying to touch the $0.55 resistance level in hopes of a massive comeback, but if it drops to $0.45, the bulls will have to put in more effort.

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Suggested literature | Cardano (ADA) Jumps 8%, Outperforming XRP in Last 24 Hours

Cardano’s bearish move is similar to Bitcoin’s

The bitcoin movement has reversed just as much as Cardano’s bearish move. Bitcoin has currently dipped below the $22,000 zone, posting a 4% drop. Moreover, Ethereum also fell in price by 5% or $1,500.

All other major altcoins also dropped sharply in price. Dogecoin fell to $0.06, Ripple fell to $0.34, Polkadot lost 5% and Solana fell another 6%.

As you can see from the recent 24-hour candlestick chart, Cardano price is forming an Evening Star pattern. It rose over the weekend, hovering at $0.53, but ADA gave in to the bears and registered a low price as shown in the last 48 hours. Although the price looks benign and is at the top of the 50-day moving average, it has somewhat slipped into a dangerous coma at $0.493.

The Cardano RSI dropped to 50.96 from 58.22 in just a few hours, indicating a decline in market value. This also confirms the ADA bearish momentum.

What’s more, the coin’s trading volume also fell by 33% overnight, which means that there is a very minimal amount of purchases being made. In addition, its MACD or moving average convergence-divergence curve is also indicative of a bearish fork.

ADA total market cap at $15.4 billion on the daily chart | Source: TradingView.com

ADA Bulls Will Change Market Dynamics

The price of ADA could drop dangerously to $0.47 in the next couple of hours. With this in mind, ADA price will need to hold at the $0.45 support line to maintain its bullish momentum in the market.

The entire crypto market has been predominantly bearish for the past few days and Cardano has been overvalued with the next support level down to $0.457. The past week has seen a somewhat zigzag price action pattern for Cardano, but now the market appears to be dominated by bears.

The price of ADA dropped by as much as 5.74. Due to increased volatility and increased bearish pressure, new downturns are expected. Currently, the bulls are trying to take the bears down, but they will have to hold the support line in order to tilt the market dynamics in their favor.

Suggested literature | The TRON bulls are back to pump some energy into the TRX coin

Featured image from Portal do Bitcoin, chart from TradingView.com



Credit : www.newsbtc.com

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