The cryptocurrency industry has displayed a bearish start to the week by recording a loss of 2.48% within the past day in its global market cap. Further, the market leader, BTC price, has lost 2.5%, dropping close to its important support level at $62,000.
On the other hand, the ADA token continues to display a bearish price action, resulting in it hovering close to its crucial support level at $0.440. Moreover, the Cardano price has a Year-to-Date (YTD) of -23.69%, raising concerns about its future prospection among investors.
The ADA coin price continues to display a bearish sentiment by recording a correction of 3.84% within the past day and 10.91% over the past week. Following the market correction, the Cardano token has failed to regain momentum, resulting in its price struggling to surpass the $0.50 mark.
Moreover, the EMA 200-day acts as a resistance to the price chart, indicating a strong bearish point at that level in the crypto space. Further, the indicator shows a high possibility of a Death Cross in the 1D time frame, suggesting a bearish outlook for the Cardano token this week.
The Moving Average Convergence Divergence (MACD) displays a constant flatline in the chart, indicating weak buying and selling pressure for the altcoin in the market. Furthermore, the averages show a neutral trend, suggesting uncertainty in future price action.
If the bulls regain momentum, the ADA price will regain momentum and test its resistance level of $0.52 this week. Maintaining the price at that level will set the stage for the Cardano token to attempt to test its upper resistance level of $0.61 by the upcoming week.
Conversely, if the bulls fail to regain momentum, the ADA coin price will fall to test its crucial support level of $0.440. Moreover, if the bears continue to dominate the market, it will plunge and fall to test its low of $0.40 this month.
Also Check Out : Top 5 Altcoins to Stack in May for 10x Profits
The demand for Bitcoin by sovereign wealth funds has skyrocketed in the past few years.…
BlackRock has heavily invested in RWA tokenization to connect TradeFi and DeFi seamlessly. The U.S.…
If you want a presale with well-defined terms, working technology, and huge upside, start here.…
Bitcoin's price is holding strongly above the important $100,000 mark, as holders keep buying whenever…
The PI price has skyrocketed today following the Federal Reserve’s decision that boosted the Bitcoin…
Shiba Inu (SHIB) recently demonstrated its resilience with a significant transaction volume of 6.71 trillion…
