- ADA’s price has gained 0.78% over the last 24 hours.
- The altcoin’s price has also strengthened against BTC and ETH.
- ADA’s price may drop in the next 4-24 hours.
The price of Cardano (ADA) has printed a slight 24-hour gain according to CoinMarketCap. At press time, the altcoin’s price is up 0.78% to trade at $0.372. This has also added to the Ethereum-killer’s weekly performance which now stands at +2.77%.
ADA’s price has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH) by 1.32% and 0.32% respectively.
ADA’s price is resting on the 4-hour support level at $0.3703 after it successfully flipped the level from resistance to support yesterday. The price of the altcoin is, however, at risk of dropping below the support level in the next 24 hours as it has already broken below the 9 EMA line on the 4-hour chart, which is a level that was offering ADA’s price some much-needed support.
Seeing that ADA’s price dropped below the 9 EMA line on the 4-hour chart, it is on the verge of dropping below the $0.3703 support level. Should this happen, the last line of defense for ADA’s price before dropping to the next major support at $0.3576 is the 20 EMA line, which is currently at around $0.3653.
On the other hand, if ADA’s price bounces off of the $0.3703 support before the close of today’s trading session then the bearish thesis will be invalidated.
The RSI indicator on the 4-hour chart for ADA supports a bullish outlook as the 4-hour RSI line is sloped positively towards the overbought territory and is looking to cross above the 4-hour RSI SMA line. If this cross happens then ADA’s price will enter into a mini rally.
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 is currently resting on a key support level on ADA’s 4-hour chart and may drop in the next 24 hours. Read more.){kind=link}