• The majority of prices in the crypto market are in the red today.
• ADA’s price has weakened against the U.S. dollar as well as BTC and ETH.
• The price of Cardano is at risk of dropping to $0.3123.

Most of the crypto market is colored red today, and Cardano (ADA) is no exception to this. CoinMarketCap indicates that the altcoin is changing hands at $0.3169 after a 2.94% drop in price over the last 24 hours. The crypto is, however, still up by just more than 1% over the last week.

ADA also weakened against the two biggest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH) by about 1.16% and 0.10% respectively over the last day. Its market cap also saw a decline and now stands at $169,048,985 after a more than 11% drop.

With its market cap of $10,912,726,359, ADA is currently the 9th biggest crypto in terms of market capitalization. This places the altcoin right behind Dogecoin (DOGE) in 8th position and in front of Polygon (MATOC) in 10th.

Daily chart for ADA/USDT (Source: CoinMarketCap)

Bears are looking to bring the price of ADA down below the daily 9 EMA level, which is currently positioned underneath the daily 20 EMA line. Should this happen, the price of ADA could drop to the next support level at around $0.3123.

The daily RSI indicator also supports a bearish thesis at the moment, as it is sloped negatively towards oversold territory. However, the RSI line is still positioned above the RSI SMA line. This suggests that a bullish reversal can still take place, preventing a further drop in ADA’s price.

The bearish thesis will be invalidated if ADA’s price closes above the daily 9 EMA line at the end of today’s trading session.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.