• ADA’s price has dropped 1.73% over the last 24 hours.
• The altcoin’s price has broken out of the parallel price channel it established last week.
• Daily technical indicators for the Ethereum-killer are still bearish.

The crypto market tracking website, CoinMarketCap, shows that the price of the Ethereum-killer, Cardano (ADA), has dropped 1.73% over the last 24 hours. At press time, the price of ADA is trading at $0.2409. The altcoin’s price is also down 7.15% over the last 7 days.

Not only has the altcoin weakened against the US Dollar, it has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.21% and 1.28% respectively. Currently, 1 ADA is worth 0.00001462 BTC and 0.0002025 ETH.

The daily trading volume for ADA has also dropped by 6.27% as we head into the weekend. At press time, the total trade volume for the altcoin is at $189,327,086.

Daily chart for ADA/USDT (Source: CoinMarketCap)

ADA’s price has slid even further after it consolidated for a few days in the parallel price channel between $0.2471 and $0.2678. It attempted to break above the 9-day EMA line but its attempt failed, resulting in a 3-day negative sequence. Today may add another negative daily candle to the multi-day sequence.

Technical indicators on ADA’s daily chart suggest that the crypto’s price will continue to fall. The 9-day EMA is positioned below the 20-day EMA line, which is a bearish flag. In addition to this, the daily RSI line is sloped negatively towards the oversold territory and is also positioned below the daily RSI SMA line.

These technical indicators suggest that ADA’s price might continue to drop over the next 24-48 hours.

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