Technical Indicators for ADA Suggest Its Price Will Keep Falling

• The price of ADA has dropped 2.34% over the last 24 hours.
• ADA has also weakened against BTC and ETH.
• Technical indicators remain bearish for the Ethereum killer.

As the crypto market continues to bleed, the last 24 hours have seen prices across the board drop. One such project that has seen its price fall during this time period is Cardano (ADA). According to the crypto market tracking website, CoinMarketCap, the price of ADA has declined 2.34% over the last 24 hours, taking its price down to $0.2457, at press time.

In addition to weakening against the US Dollar, ADA has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.07% and 2.43%, respectively. The 24-hour price drop for ADA has added to the altcoin’s negative weekly performance. Currently, ADA’s price is also down 2.67% over the last 7 days.

ADA’s price seems to be leveling off and entering into consolidation after the last 3 consecutive days have dragged it down. The multi-day negative sequence resulted in ADA’s price dropping from a high of $0.2665 to trade at its current level.

This follows after a failed attempt at breaking above the 9-day EMA line, a level that has solidified its role as a key resistance level in this bear market.

The daily RSI indicator, as well as the 9-day and 20-day EMA lines, flag bearish at press time. The daily RSI line has crossed below the daily RSI SMA line, and it remains negatively sloped towards theoversold territory. Meanwhile, the 9-day EMA line is positioned below the 20-day EMA line. Both of these indicators suggest a strong bear presence on ADA’s charts.

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