ADA price is trading negative as the new trading week begins. The asset is largely moving sideways in a very tight range with no meaningful price action. However, the sellers remained in check throughout the session, pushing Cardano to the previous month’s lows.
ADA price is trading slightly lower on Monday. Cardano is falling for seven straight months ahead of the February low at $0.74. Expect new annual lows in ADA despite record-breaking whale activity.
ADA continues to fall
Source: Trade View
Cardano (ADA) price continues to move in a downtrend that started on September 2 after all-time highs of $3,033. Currently, the price is hovering around $0.80 with a negative outlook.
Continued selling pressure could expose ADA to the February lows at $0.74.
Furthermore, a breach of said level could lead to another round of sales exploiting new record levels for ADA.
On the other hand, Cardano’s price is in extreme oversold conditions. Technically, a bounce is expected at the price from current levels. If the price supports the lower levels of the session, the asset could rise as low as $0.87.
Moving on, a spike in buy orders will bring the psychological $1.0 into play.
RSI: The daily Relative Strength Index is approaching the oversold zone. It currently stands at 37.
MACD: The moving average convergence divergence (MACD) hovers below the centerline.
VO: The Volume Oscillator makes a double bottom, but remains in the oversold area.
Despite the massive activity of major investors, the ADA price, commonly known as whales, is heading towards new lows. According to blockchain analytics firm intoTheBlock show, the balance in the addresses rose by 1 million to 10 million coins to a record 12 billion ADA in the week ending March 7.
At the time of writing, ADA/USD is trading at $0.81, down 1.48% for the day.
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This post ADA Price Forecast: Remains Under 50 Day EMA Pressure; Eyes on February lows at $0.74
was published first on https://coingape.com/markets/ada-price-predictionremains-pressured-below-50-day-ema-eyes-on-february-lows-at-0-74/