ADA Sees Slight 24 Hour Gain But Investors Wary Of Market Bottom -Breaking
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Investors Beware of the Market Bottom- Over the past 24hrs, (ADA), has seen a slight increase in its price.
- TA indicates that the coin has been oversold, and is still following a bearish trend.
- Fears that the crypto market has not bottomed yet may suggest that ADA’s price will fall more.
According to CoinMarketCap, Cardano, the brainchild of Charles Hoskinson (ADA) has seen a slight increase in its price during the past 24 hours.
ADA’s price has risen 0.73% to $0.5344 in the last day. It still faces a steep recovery from the weekly losses of 28.51%.
Ranked number 7 on CoinMarketCap’s list, ADA has a market cap of $18,056,889,013. The trading volume of ADA has fallen 25.42% in the past 24 hours, with only $1,045.315,697 ADA traded during the day.
ADA/USDT RSI indicates that the coin has been oversold. Source: TradingView
Relative Strength Index or (RSI), which is the currency’s relative strength, shows that it has been oversold. It failed to surpass the signal line to exit the oversold zone. The gradient of the RSI lines shows this.
The ADA/USDT bearish trend is evident by the 20 and 50 Exponential Movement Averages (EMAs). The 20 EMA still lies below the 50 EMA. There is no indication that they will move bullish soon.
The current cryptocurrency sentiment suggests that ADA’s price may fall even further. Crypto community is concerned that this crash may not be over.
The possibility exists that the rebound seen with LUNA could just be a trap. If this is the case, the crypto market may be liquidated further – having a negative cascading effect on all of the cryptos in the market.
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