ADA price has fallen further in early trading on Tuesday, going down by 3.51% in 24 hours to trade at $1.94. The latest loss means that ADA is on course to register the sixth day of losses over the past seven days. That is in tandem with the general market move, considering that six of the top ten crypto assets have registered double-digit losses over the past week.
Why ADA has a steeper hill to climb
For an asset that has struggled to sustain an uptrend even during the recent market rally, the odds of a rise seem thin. The crypto market is currently in a decline, with Bitcoin reversing its November gains to slump to the $60K mark. The odds are stark for ADA, considering that its decline started about a week ago. In addition, the asset has breached through an important psychological support level by going under$2.00.
Technical analysis for ADA price
ADA price has broken through an important psychological support by breaching the$2 mark. That signals a high likelihood of bearish momentum. The bearish sentiment is supported by the decline in the market momentum.
The RSI has fallen from 62 to 40 in less than a week. The MACD line has also crossed the signal line in the last 24 hours. The weakening momentum is likely to see the price head down, with support established at $1.82. Upward movement looks unlikely. However, if it happens, it is likely to be marginal, with resistance at $2.06. The near-term trajectory is likely to be sideways or downward.
