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Cardano Price Analysis: ADA Slumps Around 30% as soon as BTC Slips below $28,000

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  • Cardano Price has been trading inside the descending parallel channel over the daily chart.
  • ADA again slipped below 20, 50, 100 and 200-0days Daily Moving Average.
  • The pair of ADA/BTC is 0.0000188 BTC with an intraday gain of 0.29%.

Cardano price still struggles to confront itself out of the descending parallel channel. ADA coin price surged towards the upper trendline of the parallel channel and it was determined to escape the cage. However, ADA bulls failed to sustain further and most importantly, the most dominant factor of the cryptocurrency market, that is Bitcoin. Slipped below 25000, as soon as it broke down of the $28000 support level it slumped around 16% and slid below 25000. Bitcoin price is presently CMP at $23569 and has lost 12% in the last 24-hour period. Meanwhile other altcoins also started losing confidence and followed the BTC slumps by following the path paved by the traditional cryptocurrency. ADA is also falling through a declining parallel channel and is still caged inside it. 

Cardano price is presently CMP at $0.44 and has lost 13% of its market capitalization in the last 24-hour period. However, trading volume is still up by 39% in the intraday trading session. Volume change showcases the buyer’s eagerness towards the trade. Buyers are still getting involved in the trade for ADA. However, it’s not upto the mark and accumulation needs to be at a significant rate to overpower bears.

ADA coin price is trying to gain support from the buyers and is still stuck inside the descending parallel channel over the daily price chart. ADA must accumulate more buyers in order to be bullish. However, volume change can be seen above average and is of Red which means bears are way ahead of bulls in accumulation. So bears are currently overpowering the situation and ADA is going through rigorous selling. 

When will ADA Start Recovering?

Source: ADA/USD by TradingView

Cardano(ADA) price is stuck inside a falling parallel channel. ADA must attract more buyers as bears are getting involved in the trade at a numerous amount. The market sentiments suggest a dense and bearish rally for the whole cryptocurrency market as Bitcoin slumps below $25000 and this is a serious concern for each and every cryptocurrency trader. 

Technical indicators suggest that ADA is trading with strong downtrend momentum. Relative Strength index showcases that ADA is trading towards the oversold territory and ADA investors can expect the return after RSI gets back from oversold territory. MACD exhibits the strong bearish rally of ADA price. The MACD line just crossed the signal line downwards registering the bearish rally of ADA price.

Conclusion

Cardano price still struggles to confront itself out of the descending parallel channel. ADA coin price surged towards the upper trendline of the parallel channel and it was determined to escape the cage. However, volume change can be seen above average and is of Red which means bears are way ahead of bulls in accumulation. Technical indicators suggest that ADA is trading with strong downtrend momentum. ADA investors can expect the return after RSI gets back from oversold territory. 

Technical Levels

Support Level: $0.40

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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