Cardano’s ADA is going through the motions once again as the bears continue to dominate the crypto market. The Cryptocurrency managed to slide to its lowest year-to-date levels this week. More downside might be on the way according to Cardano head, Charles Hoskinson. The Cardano founder and IOHK CEO acknowledged that the crypto market conditions […]
and healthy growth in terms of adoption. Unfortunately, market conditions have led to a different narrative for Cardano’s native cryptocurrency ADA.
ADA’s bearish performance managed to push below the RSI’s oversold zone albeit briefly. The bears have experienced some friction since then, indicating that traders are buying the dip. This may have been incoming selling volume and this is likely the case considering that the same metric dropped slightly in the last 24 hours.Furthermore, ADA volume dropped from above 726 million coins to as low as 448 million coins in the last 24 hours, at press time. This reflects the tapering out of sell pressure. Meanwhile, buying pressure was yet to achieve a notable recovery.
Well, ADA hovered right above the oversold zone at press time and could still drop deeper if the selling pressure continues.
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