Thursday, December 8, 2022
 

Investors Still Need To Look Out For Bearish Signs With ADA

  • ADA is currently trading hands at $0.3289 after a 1.51% increase in price.
  • The altcoin was able to strengthen against BTC and ETH.
  • ADA’s daily RSI line is looking to cross bullishly above the daily RSI SMA line.

Things are looking greener in the crypto markets today, and Cardano (ADA) is no exception. According to the crypto market tracking website CoinMarketCap, ADA is currently trading hands at $0.3289 after a 1.51% increase in price over the last 24 hours, and was able to reach a high of $0.3317 over the same time period.

Over the last day, ADA was also able to strengthen against the two biggest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH), by about 0.87% and 0.46% respectively. The Ethereum-killer is, however, still in the red by 1.67 over the last seven days. In addition, ADA’s 24 hour trading volume currently stands at $145,798,258 after a more than 24% drop.

With its market cap of $11,308,015,248, ADA is ranked the 8th biggest cryptocurrency in terms of market capitalization. This places ADA right behind Ripple (XRP) in the 7th position and in front of Dogecoin (DOGE) in the 9th position.

Daily chart for ADA-USDT
Daily chart for ADA/USDT Source: CoinMarketCap

ADA’s daily chart is hinting towards bullish as the daily RSI line is looking to cross bullishly above the daily RSI SMA line. The daily 9 EMA is still positioned underneath the daily 20 EMA line, which is a bearish sign that investors need to keep an eye on.

However, the price of ADA is slowly creeping up on the daily 9 EMA line and may look to flip the level into support for the first time this week. However, the diminishing buy volume over the last 3 days suggests that this latest attempt at flipping the daily 9 EMA into support will fail.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • ADA is currently trading hands at $0.3289 after a 1.51% increase in price.
  • The altcoin was able to strengthen against BTC and ETH.
  • ADA’s daily RSI line is looking to cross bullishly above the daily RSI SMA line.

Things are looking greener in the crypto markets today, and Cardano (ADA) is no exception. According to the crypto market tracking website CoinMarketCap, ADA is currently trading hands at $0.3289 after a 1.51% increase in price over the last 24 hours, and was able to reach a high of $0.3317 over the same time period.

Over the last day, ADA was also able to strengthen against the two biggest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH), by about 0.87% and 0.46% respectively. The Ethereum-killer is, however, still in the red by 1.67 over the last seven days. In addition, ADA’s 24 hour trading volume currently stands at $145,798,258 after a more than 24% drop.

With its market cap of $11,308,015,248, ADA is ranked the 8th biggest cryptocurrency in terms of market capitalization. This places ADA right behind Ripple (XRP) in the 7th position and in front of Dogecoin (DOGE) in the 9th position.

Daily chart for ADA-USDT
Daily chart for ADA/USDT Source: CoinMarketCap

ADA’s daily chart is hinting towards bullish as the daily RSI line is looking to cross bullishly above the daily RSI SMA line. The daily 9 EMA is still positioned underneath the daily 20 EMA line, which is a bearish sign that investors need to keep an eye on.

However, the price of ADA is slowly creeping up on the daily 9 EMA line and may look to flip the level into support for the first time this week. However, the diminishing buy volume over the last 3 days suggests that this latest attempt at flipping the daily 9 EMA into support will fail.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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