Cardano Price Analysis: ADA Token Price Struggles In Rising Above The Resistance Trendline
- ADA Token price trends lower and fails to rise above the resistance trendline in the daily chart.
- The constant support from the 200-day EMA has kept the price standing against bearish pressure.
- The pair of ADA/BTC trades at 0.00003943 BTC, an intraday fall of -2.81%.
The ADA token price has managed to hang tight to the $1.35 mark and withstands the opposition from the resistance trendline in the daily technical chart. The coin price is moving sideways between the 50-day EMA and the $1.35 mark.
Presently, the ADA token price is trading at $1.33, with an intraday market cap fall of -2.05%. Moreover, the intraday trading volume of ADA tokens has decreased by -6.19%, indicating fewer sellers. The token ranks at 5th position in all the cryptocurrencies as per market cap, with a market dominance of 3.05%.
Bearish EMAs Oppose The Rising Bulls in ADA Price Chart
ADA token price has been rising higher in support with an ascending trendline, but the recent reversal from the $1.44 mark has brought the price back to the support level of the $1.35 mark.
The support levels in the ADA token price chart are at the $1.35 and $1 mark. On the flip side, the resistance levels are at $1.44 and $1.86.
The recent bearish crossover of the EMAs in the 4-hour timeframe resulted from the price reversing back from the 200 EMA. However, the coin price is moving sideways at $1.35, projecting a demand zone opposing the fall.
The RSI (Neutral) indicates neutral momentum as the RSI line moves sideways in the neutral zone center.
The ADX indicator indicates a loss in trend momentum as the slope in ADX is moving lower.
Conclusion – ADX Token price still has enough bullish momentum to resist the fall from the $1.35 mark by observing the price making a long tail rejection and withstanding the bearish pressure from the EMAs.
Support – $1.35 and $1.00
Resistance -$1.44 and $1.86