Cardano (ADA) price falls for the fifth straight session on Saturday. The Digi currency is on the lookout to hit a fresh all-time low. At the press time, Cardano is trading at $1.0934, down 10.27% for the day. This is the second single-day fall after the previous session’s record sell-off.
Cardano (ADA) price hit the lowest level last seen in July.
On-chain analysis data suggest a bearish outlook for the token.
Expect further slide down in prices, locked in 10% loss on Saturday.
Cardano’s market cap falls to $37.332B and the trading volume rose up to 4% at $2,998,283,369. The highest market cap is recorded at $94.8001B.
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Cardano lost more than 60% from ATH at $3.10
On the daily chart, the price falls drastically breaking $1.00000 for the first time since May. The price has breached the low made on January 10 at $1.81. The descending trend line from the ATH has been tested again on November 9 at $2.38, which also coincides with the breach of 50 and 100 DMA crossover. After that Cardano tested the 200 DMA at $1.862 on November 16. The price has been on a one-sided downward spiral since then. The buyers failed to retest the bearish slopping line, which acts as a strong resistance barrier.
Source: Trading view
The daily Relative Strength Index (RSI) reads at 38 and is approaching the oversold zone. The MACD (Moving Average Convergence Divergence) trades below the midline. Any uptick in the momentum indicator could result in a short-term technical outlook. As per on-the chain analysis, -2.78% in the money data reads the bearish outlook.
The launch of the highly anticipated first decentralized exchange (DEX) on Cardano failed to trigger the price rally. However, minutes after the launch users on the project’s Discord server complained about failed transactions.
Source: Trading view
On the shorter time frame, a long-legged Doji candlestick combined with the oversold RSI indicates some upside momentum. However, a decisive close above the 100 DMA is essential to confirm the upward outlook for the pair.
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
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