The crypto market has recorded a loss of approximately 1.5% within the past day with top cryptocurrencies displaying a neutral trend. Cardano’s ADA coin continued to trade in a parallel range for over two weeks, indicating a fading interest of the investors in the coin. Is Cardano dead?
The ADA price constantly traded in a closed range between $0.2869 and $0.3030 for over a week. November started on a positive note, resulting in a price jump. Cardano price successfully broke out of the range and hovered close to its resistance level at $0.3244.
After multiple attempts, the market bulls broke out of the upper level and continued to gain value, but the rally was halted as the price was rejected at $0.3722. Following this, the coin faced a correction of 8% and tested its support level of $0.3414.
The bulls managed to hold the price at that level, resulting in the ADA coin regaining momentum and displaying a price jump of 15% before getting rejected at $0.3955. Following the price rejection, the bulls lost power, and CardanoADA recorded a loss of 10%.
Since then the Cardano coin has been trading in a parallel range between $0.3562 and $0.3955.
The Relative Strength Index (RSI) displays a sharp fall below the mid-point, indicating increased selling pressure in the market. Further, the averages show a head toward the over-sold range, suggesting a strong bearish influence in crypto.
If the bulls hold the price above the support level of $0.3722, the ADA price will regain momentum and prepare to test its resistance level of $0.3955.
Maintaining the price at that level would set the stage for Cardano to test its upper resistance level of $0.4098 which would result in a trend breakout which could lead to a price jump in the coming days.
Conversely, if the bears continue to gain momentum, the price will lose momentum and fall to retest its support level of $0.3562 soon. Moreover, if a trend reversal occurs, then the price will break down its pattern and prepare to test its lower support level of $0.3414.
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