Cardano (ADA) price experienced a protracted run along a falling angle formed on June 27, when the price was $0.52. Since then, ADA has retreated gradually to find support at $0.44.<\/p>\n
Nonetheless, ADA may be slowly returning to\u00a0the green zone, as its price increased throughout the weekend\u2019s session after plummeting to a low of $0.43 on Friday.<\/p>\n
Cardano is a decentralized proof-of-stake blockchain platform of the third generation aiming to be a more effective option to proof-of-work networks.<\/p>\n
Suggested Reading | Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets<\/a><\/em><\/strong><\/p>\n The token\u00a0is at a crossroads at this point, and the price might move in any direction. If the bulls can summon enough strength, an upswing to $0.64 is possible, but the support zone around $0.42 to $0.44 might potentially provide some more push for the coin.<\/p>\n In the next days, the overall trend will likely benefit the sellers. Unless buyers intervene at the immediate support level, ADA could experience a lengthy dip prior to a robust recovery.<\/p>\n As of this writing, ADA is trading at $0.4507, down 9.5% in the last seven days, data from Coingecko show, Sunday.<\/p>\n The broader crypto\u00a0market continues to exhibit bearish indicators, headed by Bitcoin\u2019s inability to surpass the $20,000 threshold. BTC, the most sought-after cryptocurrency, is currently trading at $19,105, down 11.2% in the past week, according to Coingecko statistics.<\/p>\n In contrast, Ethereum declined by more over 2 percent, remaining just above the $1,000 threshold. Ripple and Dogecoin remained unchanged at $0.44 and $0.05 respectively, while Solana declined 2% to $33.04. Litecoin decreased by 2% to $50.57, whereas Polkadot fell to $6.70.<\/p>\n ADA ranks eighth on CoinMarketCap\u2019s chart of the largest cryptocurrencies by market capitalization. The coin saw a 24-hour decline of 3.80%, bringing its price to $0.4514. Consequently, its entire market capitalization is $15.37 billion.<\/p>\n If the bulls are able to retake the 21-day simple moving average, which is now located at $0.50, the bearish downtrend could be invalidated early on. If the bulls can reclaim this level, they may be able to advance to $1.20, a 170 percent increase from the current Cardano price.<\/p>\n As evidenced by the rising relative strength index (RSI) score of 41.40, ADA is likely to advance at the present time.<\/p>\n Suggested Reading |\u00a0Shiba Inu (SHIB) Shines Green In Pool Of Crimson \u2013 Who\u2019s Buying?<\/a><\/em><\/strong><\/p>\n If buyers can consolidate above the current trend over the next 24 to 48 hours, ADA will be aiming for the critical 50-day exponential moving average (EMA).<\/p>\n For a trend reversal to materialize, ADA must close above the present pattern\u2019s upper limit within the following 24 hours. In contrast, a decline to $0.42 might undercut the optimistic rationale.<\/p>\nBear Market Pushes ADA To 7-Day Weakness<\/h2>\n
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ADA total market cap at $15.6 billion on the weekend chart | Source: TradingView.com<\/a><\/pre>\n
The Bulls Have Their Hands Full To Lift Cardano<\/h2>\n
Featured image from Cryptoknowmics, chart from TradingView.com<\/a><\/pre>\n<\/div>\n