Cardano could lose its position in the top 10 ranks

Cardano is testing its previous resistance level. Any further fall could cause ADA to lose its position in the top 10 charts of cryptocurrency across the globe. The current market cap of Cardano stands at $15.9 billion, up by 1.77% at the time of writing this article. The 24-hour trading volume has surged by 45.11%. However, it is more about the token value, which continues to test the resistance of $0.44.

ADA is exchanging hands at $0.4464 at the press time. This reflects a rise of 1.78% in the last 24 hours but a decline of 4.56% in the previous 7 days and 11.70% in the last 30 days. The next support level is $0.4353; a fall beneath that margin could open the gates to a series of plummeting values. Cardano has bounced back a couple of times from the ongoing resistance sentiment, but the dangers of testing a new low remain in the picture.

The best bet is to make a move at $0.51.

The MVRV ratio has dipped in the last 7 days, and whale activities have also dropped. Activities movements are down, possibly because the token brings an overvalued margin to the chart. This is evident from the spiked NVT ratio. If true, another fall is on the horizon to trigger a bearish environment. ADA is likely to plummet in the coming days.

Relative Strength Index and Chaikin Money Flow are down, too. The Money Flow Index has started plummeting for a possibility that the token may eventually dip below the resistance margin. Bulls are hanging by the MACD Indicator, for it predicts a bull run in the future.

Most of the trades are shaded red within 7 days. The picture is less optimistic if the view is broadened to 30 days. Based on Cardano’s forecast, ADA is very well, by the majority of the indicators, poised to stop below the acceptable margin. It continues to trade above $0.44, with a surge of 2.09% in the last 24 hours.

There is notable growth across the crypto sphere regarding market cap and 24-hour trading volume. BTC is attempting to come out of the consolidation phase, which could be any time, considering the Halving event will be completed within 30 days by the end of this week. The market is expected to be highly volatile in the next 2-3 months.

BTC is $62,844.72, up 3.21% in the last 24 hours. It has been trading between $61,000 and $64,000 for the last 7-10 days. There have been some falls on the books – eventually making a comeback.

Cardano is attempting to approach $0.51 by stepping away from the ongoing resistance trend. MACD has hinted at a better side of ADA. It remains to be seen how other indicators change their colors in the next 24-48 hours.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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