The ADA coin price shows a downtrend, continuing with the descending support trendline cushioning the lower lows. Will the trendline bring a trend reversal?

Key technical points:
<ul>
 	<li style="font-weight: 400">ADA coin price moves close to the descending trendline</li>
 	<li style="font-weight: 400">The 50-day EMA provides a dynamic barrier</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Cardano is $807 Million, marking a 16% fall. </li>
</ul>
<h2>Past Performance of ADA</h2>
The ADA coin price fails to surpass the 200-day EMA despite the 44% rise from the support trendline. The reversal creates a downtrend that continues with the descending support trendline. It accounts for a discount of 50% from the rejection at $1.60 within two months. 

<img src="https://s3.tradingview.com/snapshots/r/r9rAoeMA.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/r9rAoeMA/">Tradingview</a>
<h2>ADA Technical Analysis </h2>
ADA coin prices may generate a sell signal with closing below the descending trendline, potentially resulting in a price fall to $0.72. However, a reversal from the trendline will create a buy signal if the prices close above the 50-day EMA at $1.

After the death cross from the 50-day, EMA provides a constant dynamic barrier to keep the bullish growth in check. Therefore, the breakout of the mobile border will generate an excellent buying spot. 

RSI Indicator: The RSI slope continues the sideways trend in the nearly oversold zone due to the high selling pressure at 50% and the bearish 14-day SMA. However, the bullish divergence in the last two dips at the trendline indicates a bullish reversal.

Stochastic RSI Indicator: The K and D lines succumb under the high selling pressure evident by the fake bullish crossover. Hence, the lines may shortly restart the bear cycle.

In short, ADA technical analysis shows a substantial bearish influence on the price chart as the downtrend gains momentum.
<h2>Upcoming Trend</h2>
ADA coin price will generate a selling opportunity with the descending trendline breakout and might reach the next support level of $0.72. Hence, traders must wait for the price action confirmation to grab the upcoming bearish trend. 

Support Levels: $0.80 and $0.70

Resistance Levels: $0.90 and $1

ADA Technical Analysis: Trend Continues To Step Lower

The ADA coin price shows a downtrend, continuing with the descending support trendline cushioning the lower lows. Will the trendline bring a trend reversal?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ADA Technical Analysis: Trend Continues To Step Lower

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