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Cardano Price Analysis: ADA Token Struggles Within A Short-Term Downtrend With No Support From Volume

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  • ADA Token has been resonating and falling within a short-term downtrend since facing rejection from the $1.86 level
  • In the weekly chart, the coin price is supported by the 20 EMA, avoiding further downside movement.
  • The ADA/BTC pair trades at 0.00003962 BTC, an intraday downfall of -3.00%.
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The ADA token price has failed to recover the fall from the $2.30 mark as the coin price has been unable to rise above the $1.86 mark. However, the range between $1.86 and $1.32 has provided many trading opportunities. 

Investors may consider this an appropriate entry point as the price might soon hit the $1.86 mark again upon reversal. Furthermore, the trading volume has just crossed the 20 MA with a boom of 24% within the past 24 hours, projecting an increase in buying pressure near the support level. 

Presently, the ADA token is valued at $1.42, with an intraday fall of 3.06% in the market cap. Furthermore, the token ranks in the top 5 cryptocurrencies in the crypto-verse as per market cap, with a market dominance of 3.04%. 

ADA Token Price With The Help Of $1.32 Mark Beats The 4-Hour Death Cross  

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ADA token price is trading under the influence of a short-term correction line after facing rejection from the $1.86 level. However, the $1.32 is most likely going to push the price back up.

The level of $1.00 below the range provides support to prevent further downfall. However, in the likely case of a bullish breakthrough, the $1.86 and $2.30 mark might side with the bears.

The recent death cross in the 4-hour timeframe has failed to push the price down. The coin price is trading below 50 and 200 EMA, but the support from $1.32 might soon drive the price above these EMAs. 

The RSI (Bearish) indicates bearish momentum as the RSI line reverses from the overbought zone and dives deeper into the oversold zone by making lower lows.

The ADX indicator indicates an increased trend momentum in the recent short but upside movement, as the slope in ADX is moving higher.

Conclusion – ADA coin price is resonating within the $1.86 and $1.32 mark. The coin price has reached the support level of the range, providing a bullish opportunity as the price might soon hit the $1.86 mark again.

However, in the unlikely case of a bearish fallout, Investors could expect a fall of 30% resulting in the coin price hitting the $1.00 mark.

Support – $1.32 and $1.00

Resistance -$1.86 and $2.30