Price Rise Possible For ADA If Current Support Holds

Almost all of the top 10 biggest cryptocurrencies are in the red today, and Cardano (ADA) is no exception to this. According to the crypto market tracking website CoinMarketCap, ADA is currently worth $0.3167 after a 7.09% drop in price over the last 24 hours. The altcoin was able to reach a high of $0.3381 and a low of $0.3159 over the same time period.

In addition to ADA being in the red for today so far, the altcoin is also down by more than 22% over the last week. ADA’s 24-hour trading volume, on the other hand, is currently up by over 45% to now stand at $485,430,534.

ADA also weakened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH) by about 1.22% and 0.40% respectively. With its market cap of $10,911,288,520, ADA is currently the 8th biggest cryptocurrency, which places it right behind Ripple (XRP) in the 7th position and in front of Dogecoin (DOGE) in the 9th position.

Daily chart for ADA/USDT (Source: CoinMarketCap)

The price of ADA has been in a 3-day negative sequence that has brought its price down to its current level. As a result, the price of ADA is now resting on a key support level that was able to provide ADA’s price a boost last week.

It seems that ADA’s price may receive another boost in the coming two days as the daily RSI has gradually increased more positively over the last 24 hours. Should a trend reversal occur, ADA’s price will look to target $0.3424. However, if the support level at $0.3152 fails to hold, then the bullish thesis will be invalidated.

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