ADA Defends a Key Price Level as Market-Wide Selloff Erupted

Dan Gambardello (@cryptorecruitr), tweeted a snapshot of the 6-hour chart for ADA/BTC this morning with the caption “Cardano weathering the storm quite nicely.” This comes after he shared his technical analysis for the Ethereum-killer yesterday where he set a medium-term downside target for ADA at around $0.28.

At press time, CoinMarketCap shows that ADA’s price experienced a 2.83% drop in the last 24 hours as the entire crypto market fell victim to a widespread selloff – causing the global crypto market cap to drop 6.59% in just the last 24 hours.

ADA’s 24-hour price drop has dragged its negative weekly performance further into the red to -8.92% at press time. As a result, ADA’s price currently stands at $0.307, with a total market cap of $10.6 billion.

Meanwhile, the price of the crypto market leader, Bitcoin (BTC), dropped 8.12% over the last 24 hours. BTC’s weekly performance now stands at -11.06%, and its price stands below the psychological $20k level at $19,917.79 at press time.

4-hour chart for ADA/USDT (Source: TradingView)

ADA’s price is currently in a descending price channel on its 4-hour chart after being forced down by the 9 EMA line on its 4-hour chart. The altcoin’s price seems to be taking a breather in the support zone between $0.3046 and $0.3103 and is receiving some support from the $0.3046 support level.

Should ADA’s price close today’s trading session below this support zone then the altcoin will likely make a move toward Gambardello’s downside target of $0.28 in the next 24-48 hours.

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