Cardano price was struggling to hold above $0.25 as cryptocurrencies traded mostly flat.
ADA has however failed to break higher since the broader market dip last year.

Cardano (ADA) is struggling for an upside push with the past week only seeing a 2.2% uptick as per data from CoinGecko at the time of writing. Indeed, ADA is down 43% since sliding lower amid the crypto winter. ADA/USD traded just above $0.25 on Wednesday afternoon.

With the cryptocurrency largely negative, the market outlook amid the historically slow September doesn’t look particularly promising for bulls. Data on DeFiLlama shows Total Value Locked (TVL) in assets on the chain has declined 8% in the past month to $152 million.

However, as Bitcoin is poised above $27k and altcoins are showing signs of waking up, a spike in volatility could help ADA buyers. But will bears give up territory?

Cardano price outlook

A look at Cardano’s performance over the past week we see sellers have largely shown resilience around the $0.25 level. The daily chart has Cardano facing rejection at the 20-day EMA, and this moving average remains critical to bullish plans.

Chart showing price of Cardano (ADA)

The daily RSI also gives sellers a slight advantage as it hovers below the 50 mark. This leaves bulls facing a daunting task of pushing for the $0.28 level for a breather and potential upside joy.

On the flipside, a breakdown beyond 40.24 will open a path for a bearish retest of support in the $0.22-$0.20 region.

The post Cardano price: ADA poised as bears stay put appeared first on CoinJournal.

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Filed under: Bitcoin - @ September 20, 2023 6:14 pm