Cardano (ADA) price trade with modest gains on Tuesday. ADA has been trading in a very tight range since it hit January lows at $0.92. But the selling pressure remained dominant in the pair forcing ADA to test fresh 2022 lows in February at $0.81.
- Cardano (ADA) manages to trade in green on Tuesday.
- However, bulls do not show any conviction to sustain the momentum.
- Risk aversion and volatility undermine the demand for riskier assets.
The seventh-largest currency by market cap records a gain of 53% in the 24-hour trading volume at $2,477,989,575 as per the CoinMarketCap.
As per the on-chain analytics firm Messari, Cardano (ADA) has $17.04 billion in 24-hour transaction volume surpassing Ethereum. The Cardano blockchain now trails only Bitcoin in terms of on-chain activity
ADA trades near fresh yearly lows almost 68% down from ATH made on November 9 at $2.38. Since then ADA bulls have made multiple attempts to stop the downfall in the price but in vain. As selling pressure remained dominant.
Currently, ADA price has been trading below the 200-EMA (Exponential Moving Average) at $1.83 beginning from November 21.
Furthermore, a spike in the sell order could push Cardano’s (ADA) price below the fresh yearly lows of $0.81.
On the other hand, if investors start accumulating ADA at the discounted price then it has the potential to test the horizontal resistance line at $1.20. Next, market participants could aim for the psychological $1.40 level.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) hovers near the oversold trajectory with a neutral bias.
MACD: The Moving Average Convergence Divergence (MACD) held below the midline with a bearish crossover.
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