Popular altcoin Cardano (ADA) is showing bearish trends in its price due to high selling pressure and low on-chain volume. As ADA approaches the $0.30 level, technical indicators show a negative picture.
As of Wednesday, the price of ADA fell by 0.6 percent, falling below $0.4 and is having difficulty finding support at this level. The price is trading below both the 50-day and 200-day exponential moving averages (EMA), indicating a downtrend characterized by a pattern of falling highs and falling lows. This suggests that downward pressure may continue unless market conditions improve.
The primary support level for ADA lies around $0.30, which is the lower boundary of the falling channel and a critical level determined by historical price data. If the bearish momentum continues, the altcoin could lose further value and reach the important support level at $0.3165. The nearest resistance on the upside is at $0.42, where the 50-day EMA overlaps, and stronger resistance is at $0.50, where the 200-day EMA and previous highs converge.
Technical indicators present a mixed outlook at the moment. The Relative Strength Index (RSI) is at 45.63 and maintains a neutral stance, but is trending towards the oversold zone. This could indicate the potential for further declines before any recovery. Additionally, the Chaikin Money Flow (CMF) indicator at -0.07 reflects a stronger selling pressure compared to buying pressure, confirming the bearish trend.
On-chain data also supports ADA's bearish outlook. Santiment data shows that there has been a significant decrease in Cardano's on-chain volume since March, dropping from $11.5 billion to $1.5 billion recently. This indicates a decrease in activities and interest in the ADA network. Coinalyze data reveals that there was a small increase in ADA's open interest of 1.81 percent and a slight increase in the daily funding rate, but there was minimal new capital inflow.
On the other hand, the US Securities and Exchange Commission (SEC) recently announced that it does not consider ADA a security. It is expected that this development could have positive impacts on ADA and the cryptocurrency market, positively impacting future ETF approvals and regulatory clarity.
PLEASE READ CAREFULLY FOR A GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. IF YOU HAVE NOT FOLLOWED YET, DON'T FORGET TO FOLLOW. KIND REGARDS.
