ADA price trades negatively as the fresh trading week begins. The asset moves largely sideways in a very tight range with no meaningful price action. Although, sellers remained in control throughout the session and pushed Cardano toward the previous month’s lows.
- ADA price trades modestly lower on Monday.
- Cardano falls for a straight seven months with an eye on February lows at $0.74.
- Expect fresh yearly lows in ADA despite record-breaking whales activity.
ADA continues to drift lower
Cardano (ADA) price continues to move in a downtrend started on September 2 after making record highs of $3.033. Currently, the price hovers near the $0.80 mark with a negative outlook.
Continued selling pressure could expose ADA toward the lows made in February at $0.74.
Further, a breakout of the mentioned level could trigger another round of selling for exploiting fresh record low levels for ADA.
On the other hand, Cardano’s price is under extreme oversold conditions. Technically, a bounce is expected at the price from the current levels. If the price sustains the session’s lower levels then the asset could jump toward $0.87.
Moving ahead, a spike in buying orders will bring the psychological $1.0 mark in play.
RSI: The daily Relative Strength Index approaches the oversold zone. Currently, it reads at 37.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline.
VO: The Volume oscillator makes double bottom but remains in oversold territory.
Despite the enormous activity by large investors, commonly known as whales ADA price is heading toward fresh record lows. As per the blockchain analytics firm intoTheBlock show, the balance in the addresses with 1 million to 10 million coins rose to a record 12 billion ADA in the week ended on March 7.
As of press time, ADA/USD is exchanging hands at $0.81, down 1.48% for the day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.