The Turmoil For Cardano (ADA) MIght Not Be Over Just Yet

Things are not looking positive in the crypto markets today, and one of the cryptocurrencies that struggled over the last 24 hours is Cardano (ADA). According to CoinMarketCap, ADA is currently trading hands at $0.2629 after a 12.17% drop in price over the last day. In addition to this, the Ethereum-killer is also down by more than 15% over the last week.

In addition to weakening against the dollar, ADA has weakened against the two biggest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH), by about 8.66% and 5.65% respectively as well over the last 24 hours.

The altcoin’s 24 hour trading volume, however, saw a triple-digit 150% increase since yesterday and now stands at $530,284,595.

With its market cap of $9,074,756,971, AD is currently the 9th biggest cryptocurrency in the market in terms of market capitalization. This places the altcoin right behind Dogecoin (DOGE) in the 8th position and in front of Polygon (MATIC) which is ranked 10th.

Daily chart for ADA/USDT (Source: CoinMarketCap)

The daily chart for ADA is extremely bearish after the altcoin printed a new bottom for this bear cycle. The latest 24-hour price drop has seen the daily RSI line drop into extreme oversold territory.

In addition to the RSI line entering extreme bearish territory, the 9-day EMA line has broken away below the 20-day EMA line. The daily RSI is still signalled slightly negatively which suggests that ADA’s turmoil is not over yet.

This has not stopped ADA bulls from attempting to pick the altcoin’s price up as there is more buy volume than sell volume on ADA’s charts at press time.

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