The Cardano (ADA) price is at risk of breaking down from a long-term ascending support line, something that could trigger a sharp fall.

The price action and indicator readings from different timeframes support the ongoing descent, increasing the likelihood that a breakdown will eventually occur.

Cardano Price Drops After Deviation

The weekly time frame technical analysis for ADA provides a bearish outlook. The main reason for this is the deviation above the long-term $0.40 resistance area and the subsequent decrease below it.

This is a bearish sign since it means that the breakout was illegitimate. Rather, sellers took over and pushed the price down.

Additionally, the weekly Relative Strength Index (RSI) gives a bearish reading. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold, and to determine whether to accumulate or sell an asset.

If the RSI reading is above 50 a

Go to Source to See Full Article
Author: Valdrin Tahiri

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details