ADA price fell for the second straight day in a row. The price opened higher but failed to sustain the gains and flipped toward the lower levels.
- ADA price is under intense selling pressure.
- Expect more downside if the price slipped below the 50-day EMA.
- Negative RSI divergence could hint at more losses.
ADA price trades on a lower note
On the daily chart, the ADA price continues to trade lower with above-average volume. The price makes ‘Double Top’ near $1.24, which is a bearish reversal formation. In two days the price fell nearly 10%. Under the selling pressure, ADA approaches the 50-day EMA (Exponential Moving Average) at $1.04.
A break below the moving average could intensify the selling toward the psychological $1.0 level. Furthermore, investors could collect the liquidity around the demand zone at $0.90.
On the contrary, if the price sustains the lower level then there is a probability of a reversal in the price. On moving higher, the immediate first upside could be found at $1.20 followed by the recent highs near $1.25.
In addition to that, a continuation of the buying momentum would meet the critical upside hurdle at the critical 200-EMA at $1.29. Next, the bulls would move toward the horizontal resistance level at $1.40.
As of press time, ADA/USD is trading at $1.11, down 4.88% for the day. The ninth-largest cryptocurrency by market cap is holding the 24-hour trading volume at $1,500,753,167 with a loss of 17% according to the CoinMarketCap.
RSI: The daily Relative Strength Index shows bearish divergence since March 23. The indicator approaches the average line at 50. If the indicator slips further it could ignite more selling in the asset.
MACD: The Moving Average Convergence Divergence diverges toward the midline with an advancing bearish momentum.
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