As the value of bitcoin is plunging lower, it is carrying a lot of digital currencies along with it. The values of most altcoins in the market are greatly affected by the price trend of Bitcoin (BTC) – the most valuable digital currency in the world based on market cap.
Bitcoin is deeply in the red, experiencing new lows this month, and Cardano (ADA) seems to be affected by this trend. The digital currency continues to plunge lower as it moves inside a descending channel on the four-hour chart of ADA/USD.
Cardano Price Today: Current Price of ADA
Cardano (ADA) is still ranked 8th and it is currently trading at $0.1315 after a decrease of 1 percent in the last twenty-four hours and a decrease of 12 percent in the past seven days. ADA has a market cap of $3.82 billion and a trading volume of $53.7 million in the last twenty-four hours.
Cardano (ADA) Technical Analysis
The longer-term 200-Day simple moving average is above the 100-Day simple moving average to signal that the path of least resistance is heading south. This means there is a higher possibility that the sell-off will resume instead of reversing.
In addition, the gap between the MAs is opening up to indicate stronger bearish momentum. The top of the downward channel is just in between the dynamic inflection points of the moving averages so they could also keep gains in check from 0.16 to 0.18.
The Relative Strength Index (RSI)
The relative strength index is breaking out from the oversold territories, though, so buyers could be ready to push back the value of the coin. The near-term downward trendline connecting the recent highs of this month is also in line with the mid-channel interest area to add to its strength as resistance. A decline below the bottom channel at 0.1200 could result in a precipitous drop.