The cryptocurrency industry has displayed a bearish start to the week by recording a loss of 2.48% within the past day in its global market cap. Further, the market leader, BTC price, has lost 2.5%, dropping close to its important support level at $62,000.
On the other hand, the ADA token continues to display a bearish price action, resulting in it hovering close to its crucial support level at $0.440. Moreover, the Cardano price has a Year-to-Date (YTD) of -23.69%, raising concerns about its future prospection among investors.
Cardano Price Displays Mixed Sentiment:
The ADA coin price continues to display a bearish sentiment by recording a correction of 3.84% within the past day and 10.91% over the past week. Following the market correction, the Cardano token has failed to regain momentum, resulting in its price struggling to surpass the $0.50 mark.
Moreover, the EMA 200-day acts as a resistance to the price chart, indicating a strong bearish point at that level in the crypto space. Further, the indicator shows a high possibility of a Death Cross in the 1D time frame, suggesting a bearish outlook for the Cardano token this week.
The Moving Average Convergence Divergence (MACD) displays a constant flatline in the chart, indicating weak buying and selling pressure for the altcoin in the market. Furthermore, the averages show a neutral trend, suggesting uncertainty in future price action.
Will ADA Price Go Up?
If the bulls regain momentum, the ADA price will regain momentum and test its resistance level of $0.52 this week. Maintaining the price at that level will set the stage for the Cardano token to attempt to test its upper resistance level of $0.61 by the upcoming week.
Conversely, if the bulls fail to regain momentum, the ADA coin price will fall to test its crucial support level of $0.440. Moreover, if the bears continue to dominate the market, it will plunge and fall to test its low of $0.40 this month.
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