- ADA’s price currently stands at $0.3248 after a 1.28% drop over the last 24 hours.
- The daily 9 EMA is holding down ADA’s price.
- FTX’s downfall wiped out the altcoin’s positive price movement from October.
Cardano (ADA) is changing hands at $0.3248 after its price dropped 1.28% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. In addition, the price of ADA is down 6.01% over the last 7 days.
ADA has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.28% and 0.46% respectively. As a result, one ADA token is worth 0.00001955 BTC and 0.000269 ETH.
The daily trading volume for ADA has also declined by approximately 0.92%, which has brought down the total daily trading volume to $223,741,808.
ADA’s bearish chart is looking bearish at the moment as the daily 9 and 20 Exponential Moving Average (EMA) lines are sloped negatively and the 9 EMA line is positioned bearishly below the 20 EMA line.
Furthermore, the daily Relative Strength Index (RSI) line is positioned bearishly below the RSI Standard Moving Average (SMA) line. The two lines are also sloped negatively towards oversold territory.
ADA’s price is being held down by the daily 9 EMA line currently. As such, the daily 9 EMA line is the first resistance level that ADA’s price will have to overcome before a bullish turnaround can even be considered.
The situation for the altcoin looked as if it was turning in favor of ADA when its price crossed above the daily 9 EMA line and then shortly thereafter crossed above the daily 20 EMA line on the 25th of October,
However, the FTX drama introduced overwhelming sell pressure in the market which knocked down the framework set by ADA’s price between the 25th of October and the 5th of November this year.
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 is currently being dragged down by sell volume following the FTX drama, and will have a tough road ahead.){kind=link}