- ADA coin continues to show strong selling as it gradually moves to the $1 mark.
- The ADA/BTC pair was trading at 0.00003527 BTC with a loss of 11.3%
- The 24hr trading volume in ADA coin is $4.45 Billion
In the daily time frame, ADA coin showed strong selling and was down by 17% in yesterday’s trading session, and in doing so it has also broken a crucial support level of $1.23. As for today, the price retested the same level for resistance and continued its fall to the $1 mark until it was stopped by the 200 EMA.
Regarding the EMA’s, the ADA coin is trading below the crucial EMA line of 20, 50, and 100, indicating strong bearishness in the market. In addition, there is also a bearish crossover of 20 and 50 EMA supporting the bearish momentum. As for the 200 EMA, which is providing strong support to ADA coins and stands as the last barrier before price reaches the $1 mark.
The RSI (BEARISH) value is at 41, indicating the bearish sentiment in the token. In addition, the RSI line is entering the overselling zone as the price moves lower, confirming the whole bearish momentum. In addition, the current value of RSI is lower than the previous value when it was at the same support level, indicating more strength on the bear side.
The Descending Trendline Keeps The Downtrend Intact For The ADA Coin
The 4hr time frame chart of the ADA coin shows a descending trendline coming right from the $2.5 level. This trendline shows high reliability and can be used as a good short opportunity whenever the price reverses from this line. Thus, the ADA coin will remain in a downtrend until this trendline is not breached.
The MACD indicator (BEARISH) shows both the MACD line and the signal line are moving lower towards the overselling zone, confirming the ongoing bearish trend. The histogram also shows rising red bars indicating strong bearish momentum.
Conclusion: From the technical perspective, the overall sentiment of the coin is strongly bearish with no signs of reversal yet. As mentioned above, the price was continuing its fall before it stopped the 200 EMA. Thus, if the price violates this 200 EMA line, the ADA coin should plunge to the $1 level.