ADA Technical Analysis: Will ADA Buyers Halt the Downtrend At $1?

ADA coin price fails to sustain the uptrend above the $1.20 mark and retraces to $1. Will bulls withhold the $1 stronghold? Key technical points: ADA prices have decreased by 5.27% in the past 24 hours. In addition, the market price dips below the 50-day EMA. Finally, the 24-hour trading volume of Cardano is $950.99 Million, marking a 0.87% fall. Past Performance of ADA ADA coin price projects a downfall from the $1.20 mark due to the double top formation with a neckline at $1.13. The bearish fallout comes with the 10% fall on 6th April, results in a freefall below the 100 and 50-day EMA, and sents the price closer to the psychological barrier of $1. The bearish fallout accounts for a 16% decline within three days. Source-Tradingview ADA Technical Analysis ADA coin price teases a potential inverted head and shoulder pattern in the daily chart as the price reaches $1. However, closing below $1 will sabotage the bullish pattern and result in a downtrend continuation. A flat trend develops in the 50-day EMA after the bullish reversal due to the recently increased selling activities. Moreover, the price failed to sustain above 100 and 50-day EMA, reflecting a solid growth underlying bearishness. RSI Indicator: The RSI slope cracks under the 14-day average after consolidating near the overbought boundary for days. The bearish trend brings the RSI value under 50%, reflecting a nearly oversold status. MACD Indicator: The MACD and sig...