Cardano [ADA] on edge to cross its current support level: Technical Analysis
Cardano [ADA] is currently hovering at the threshold of its current support level when the market has mostly sunk in red. Though the 11th most valuable digital asset is trading in a downward spiral yet it is attempting to leap over the mark. On Wednesday, as the bears mostly overtaken the market, the major altcoins have experienced high seller pressure. A brief period of upward trajectory in the crypto market is interrupted by prolong phase of downfall that resulted Cardano [ADA] to hike nearly 3% in the last seven days and plummet almost 51% in the duration of a month.
The coin is at the verge of breaking out from its current key support level, which is formed at $0.0370. The MACD indicates that the digital currency has entered well into the bearish zone while the 100 EMA line points that the token is locked in downtrend. The hourly RSI indicator, at the time of writing, is noted at 46.3, which indicates that ADA is experiencing high selling pressure with gradual movement towards the oversold level in the market. Going by the data from CoinMarketCap, the overall market cap of the virtual currency stands at $951.56 million. The digital asset has toppled almost 6.45% against the U.S. dollar to trade at $$0.0367.
At the moment, the crypto has inched down 3.3% against Bitcoin [BTC] with one ADA valued at around 0.0000095 BTC.
Cardano [ADA] Latest Updates
Ripple, NEM, Emurgo, Cardano’s Venture builder, and Fetch AI are launching Blockchain for Europe, an association for the blockchain industry players of Europe. The association seeks to be the voice of all the blockchain and cryptocurrency businesses of Europe. It aims to educate people within the EU about the technology and the true genius of the digital ledger technology.