Cardano Joins The Red Screen – How ADA Fell To $0.45 Over Last 24 Hours

Christian Encila

Last Updated: July 26, 2022 5:05 pm

3 mins read

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Cardano (ADA) is all flushed today as it plunged by 6% compared to yesterday’s high of $0.53. While it remains to hover above the 50-day moving average, ADA may drop further down by $0.45 in the next 24 hours as the bears take control of the market.

ADA has a fantastic weekend as it glided way up to $0.52 on July 24. However, the coin slid to $0.48 as a result of the issues involved in the Vasil upgrade.

ADA bulls are trying to touch the $0.55 resistance level hoping to make a grand comeback but if it plummets to $0.45, then bulls would need to try harder.

Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours

Cardano Bearish Movement Similar To Bitcoin’s

Bitcoin movement has capsized similarly to Cardano’s bearish movement. Bitcoin has currently plunged below the $22,000 zone showing a drop of 4%. More so, Ethereum also dropped by 5% or $1,500 in price.

All other major altcoins also plummeted in price. Dogecoin dipped to $0.06, Ripple plunged to $0.34, Polkadot lost 5%, and Solana slid further down by 6%.

As seen in the recent 24-hour candlestick chart, Cardano’s price is forming the Evening Star pattern. It has rallied over the weekend hovering at $0.53 but ADA succumbed to the bears and registered a low price point as depicted in the past 48 hours. While the price looks favorable and is on top of the 50-day moving average, it has somewhat slipped into a dangerous coma at $0.493.

Cardano RSI has moved further down to 50.96 from 58.22 in just a few hours which indicated a decline in market valuation. This also confirms ADA’s bearish momentum.

More so, the coin’s trading volume also dropped by 33% overnight which implies that is very minimal buying action taking place. Additionally, its MACD or moving average convergence divergence curve also shows to be shooting for a bearish forking.

ADA total market cap at $15.4 billion on the daily chart | Source: TradingView.com

ADA Bulls To Tilt Market Dynamics

ADA price can dangerously go down to $0.47 in the next couple of hours. With that in mind, ADA price will need to hold onto dear life at the support line of $0.45 to retain its bullish momentum in the market.

The entire crypto market has been dominantly bearish for the past few days and Cardano has been devalued excessively with the next support level down at $0.457. The past week for Cardano has shown a somewhat zigzag pattern in terms of price action but now it seems the bears have dominated the market.

ADA has shaved off as much as 5.74 in value. With the increased volatility happening and the bearish pressure mounting, more downturns are expected. Currently, the bulls are trying to overpower the bears but the bulls will need to hold on to the support line to tilt the market dynamics in their favor.

Suggested Reading | TRON Bulls Are Back To Pump Some Energy Into TRX Coin

Featured image from Portal do Bitcoin, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.