The crypto trader and analyst Dan Gambardello highlighted in a tweet this morning that Cardano (ADA) was able to remain in the top 10 list of the biggest crypto projects despite Robinhood selling off its holdings of the altcoin. In his tweet, he also included his latest technical analysis for ADA.
One of the key things mentioned in Gambardello’s analysis was that ADA was able to secure a spot in a significant Hong Kong index. Despite this positive development, the altcoin’s price is still at risk of losing the support of the 20-day EMA line, which the analyst stated needs to hold as support for the next few days in order to prevent ADA’s price from dropping significantly.
Gambardello did share, however, that he was not confident that the 20-day EMA support will hold in the coming week. Should ADA’s price drop below this level, the analyst predicted that the altcoin’s price may fall to $0.22. On the other hand, if bulls identify ADA’s current level as a buy opportunity, then he believes it could rise to $0.32.
At press time, ADA was trading at $0.2759 according to CoinMarketCap after the Ethereum-killer had printed a 2.36% loss over the past 24 hours. This recent drop in ADA’s price also flipped its weekly performance into the red. As a result, ADA was down 1.03% over the past 7 days.
ADA was trading dangerously close to its 24-hour low of $0.275 at press time. Furthermore, the crypto was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past day of trading. At press time, ADA was down 1.70% against BTC and 1.24% against its biggest competitor.
Daily chart for ADA/USDT (Source: TradingView)
From a technical standpoint, ADA was resting on the key support level at $0.2752. It had already broken below this level earlier in today’s trading session, but was able to recover slightly.
Should ADA drop below the key support level again during today’s trading session, it will be at risk of falling to $0.2511 in the next 24-48 hours. Conversely, ADA’s price remaining above the $0.2752 mark for the duration of today’s trading session may result in the altcoin’s price climbing to $0.2970 in the next 24 hours.
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