ADA’s Price on Major Support Level of $0.40 After Slight Gains

Cardano (ADA) has posted gains in the last 24 hours, according to CoinMarketCap.

ADA’s price currently stands at $0.4656, or 0.00001601 BTC, after a 2.11% increase against the dollar over the last 24 hours. Over the last week, the coin fell as its price dropped by 12.90%. ADA’s highest price in the last 24 hours is $0.4674.

ADA occupies the eighth spot on CoinMarketCap’s list of the biggest crypto market caps. Currently, ADA is ranked under Binance USD (BUSD), which occupies the seventh position on CoinMarketCap’s list. Meanwhile, Solana (SOL) trails ADA, ranking ninth on the list.

When looking at trading volume, ADA’s daily volume stands at $395,590,011, which is a 45.19% drop in the last day. ADA’s market cap is currently $15,710,179,236, and the current supply of ADA in circulation is 33.74 billion ADA.

The trading chart for ADA shows that the current support sits at $0.4. According to one crypto Twitter user who goes by the name of Bitcoinsensus, if the support level is unable to hold, then we would see ADA drop another 50% to $0.2.

In the current downwards parallel channel, the price of ADA attempted to break above the upper bound of the channel but was unsuccessful. Now the price is hovering around the centerline of the channel and rests on the $0.4 price level.

Twitter sentiment for ADA seems to still be negative as there were no positive replies to the Twitter user’s post.

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