Cardano (ADA) price trading with modest gains on Tuesday. ADA has been trading in a very tight range since it bottomed out at $0.92 in January. But selling pressures remained dominant in the pair, forcing ADA to test new 2022 lows at $0.81 in February.

Cardano (ADA) manages to trade in the green on Tuesday. Bulls, however, show no conviction to hold the momentum. Risk aversion and volatility undermine demand for riskier assets.

The seventh largest currency by market capitalization is posting a 53% gain in 24-hour trading volume at $2,477,989,575 according to CoinMarketCap.

According to the on-chain analytics firm Messari, Cardano (ADA) has $17.04 billion in 24-hour transaction volume that surpasses Ethereum. The Cardano blockchain now only tracks Bitcoin in terms of on-chain activity

Source: Trade View

ADA is trading near new annual lows, nearly 68% lower than the ATH made on Nov. 9. at $2.38. Since then, ADA bulls have made multiple attempts to stop the price drop, but to no avail. As selling pressure remained dominant.

Currently, as of Nov. 21, the ADA price is trading below the 200-EMA (exponential moving average) at $1.83.

In addition, a spike in the sell order could push Cardano’s (ADA) price below the new annual low of $0.81.

On the other hand, if investors start accumulating ADA at the discounted price, it has the potential to test the horizontal resistance line at $1.20. Next, market participants could aim for the $1.40 psychological level.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) is hovering 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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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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This post Cardano (ADA) Price Prediction: ADA Defends $0.80, More Downside on the Supply!

was published first on https://coingape.com/markets/cardano-ada-price-prediction-ada-defends-0-80-more-downside-on-the-offer/

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