Cardano (ADA) drops out of the top 10 cryptocurrencies as its price falls to $0.3309.
Despite a 16.57% surge in trading volume, ADA struggles to recover its lost value.
Cardano faces bearish sentiment, with technical indicators pointing to further declines.
Cardano (ADA) slipped from the top 10 cryptocurrencies by market cap and the price dropped to $0.3309. At the same time, bearish technical indicators and increased trading volume clearly signals market uncertainty.
This decline is worrying for investors and traders who are keeping a close eye on the coin’s performance.
At press time, ADA was trading at $0.3309, marking a 2.29% drop in the last 24 hours. Even though trading volume increased by 16.57%, the price has struggled to stay steady. This market activity suggests there is interest, but it has not led to positive price movement.
ADA’s recent price action has been bearish. The daily chart shows ADA trading below its 200-day moving average. This technical indicator often signals a bearish trend, possibly explaining the lack of upward momentum in ADA’s price. Also, the Relative Strength Index (RSI) sits at 40.22. An RSI below 50 often indicates that sellers are in control, adding to the bearish outlook.
In addition to these indicators, the MACD (Moving Average Convergence Divergence) also reflects a bearish sentiment. The MACD line has crossed below the signal line, which is usually seen as a sign of further downside. These technical factors combined suggest that ADA might continue to face challenges in the near term.
Cardano’s market cap is currently around $11.89 billion, placing it just outside the top 10 cryptocurrencies. The circulating supply of ADA is approximately 35.94 billion coins. Despite the increased trading volume, the price has not seen a corresponding increase. This disconnect suggests that while there is active trading, it is not enough to boost the price, possibly due to prevailing market sentiment.
The current situation has led to speculation about ADA’s future performance. Investors and traders are now zeroing in on key support levels, especially around the $0.33 mark. If ADA cannot hold above this level, it could experience further declines. On the other hand, a rebound could renew some confidence in the market.
The post Cardano Slips from Top 10: ADA Price Under Pressure appeared first on Coin Edition.
