Cardano price is still lagging behind other altcoins despite the leading crypto – Bitcoin – surging by over 42% in the current month. In comparison, ADA is less than 1% above its level at the start of October. Based on its recent price trend, it will likely remain under pressure in the short term.
ADA has extended losses from the previous session after dropping from the weekend’s high of 2.2489. Notably, the altcoin has been under pressure for over a month now. After hitting its highest level year-to-date at the beginning of September, it has since dropped by about 31.20%.
At the time of writing, Cardano price was down by 1.47% at 2.1235. At its current level, it is finding support at 2.1000, which has been a key level for the crypto since the beginning of the month.
On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. Based on these technical indicators, and an overall analysis of the price chart, ADA will likely remain under pressure in the short term.
With 2.1000 as a steady support zone, Cardano price will likely trade within a tight range as it finds resistance along the 50-day EMA at 2.1696. Above that level, the bulls will be looking to retest the weekend’s high of 2.2490. However, to get to that level, there will need to be enough momentum to push it past the psychological level of 2.2000. This thesis is valid for as long as the altcoin remains above the support zone of 2.1000.
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