Cardano (ADA) Falls To $0.46, Is The Uptrend Invalidated?
Cardano displayed bearishness on its trading chart over the last 24 hours. The broader market also displayed a bearish spell over the last few days. Bitcoin was bordering the $20,000 mark.
ADA $0.56 resistance mark but it fell to sustain itself above that price mark. The bears have exerted pressure on the market and the technical outlook has also pictured bearishness on the chart.
Source : CoinMarketCap
The live Cardano price today is $0.466675 with a 24-hour trading volume of $658,579,739 ADA to USD price in real-time. Cardano is down 0.93% in the last 24 hours. The current CoinMarketCap ranking is #8, with a live market cap of $15,745,166,528 USD. It has a circulating supply of 33,739,028,516 ADA coins and a max. supply of 45,000,000,000 ADA coins.
The coin could revisit the $0.48 level, the bears will remain strong until Cardano trades above the $0.52 price mark for a substantial period. A fall from the current price mark could make ADA touch the lows of $0.33 in the upcoming trading sessions.
ADA's drop in value was followed by a sharp decline in the buying pressure. Selling strength mounted which forced the coin to retreat further on the chart.
The price of Cardano was below the 20 SMA line which indicated that sellers were responsible for driving the price momentum in the market.
Furthermore, buyers exiting the market, Chaikin Money Flow which pictures capital inflows and bears the flows depicted increased capital outflows in the market to defeat the bears the coin has to push above the $0.52 continue display buying strength.