The entire crypto market cap is down 1.89% over the last 24 hours but is still trading above the $1 trillion benchmark. This drop in the total crypto market cap was largely driven by the daily price drops of the top 10 biggest cryptocurrencies.
One of these cryptos is Cardano (ADA). According to CoinMarketCap, ADA is currently trading at $0.4073 after a 3.32% drop in price over the last 24 hours. The price of ADA reached a high of $0.4259 and a low of $0.4022 over the same time period. Despite the altcoin being in the red for the day, ADA is still up about 1.39% over the last week.
Adding to ADA’s woes for the day is the fact that it weakened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 1.89% and 1.55% respectively.
ADA’s 24-hour trading volume is not doing much better as it is currently down by more than 18% to now stand at $499,550,204.
Daily chart for ADA/USDT (Source: CoinMarketCap)
The daily chart for Cardano (ADA) is still looking slightly bullish as the MACD line is positioned above the MACD signal line. In addition, the 9 EMA line is positioned above the 20 EMA line. However, this bullish sentiment may be reaching its end if the 9 and 20 EMA lines and the MACD histogram gradient are any indications.
The gradient of the MACD histogram turned negative 3 days ago after ADA set a local top. Since then, the gradients of the MACD histogram and the 9 EMA line have declined.
This inevitably led to ADA’s price declining, too. As a result, ADA’s price now rests on the 9 EMA line. Should the sell pressure continue for ADA, then its price may drop to the closest support at $0.3837.
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Source: Cryptocurrency - investing.com
