Cardano’s native cryptocurrency ADA has been hovering within the $0.49 and $0.55 price range since the end of July. This is after a bit of recovery from its bottom a few weeks ago.
ADA’s price action has been moving within a descending price channel since November last year. The cryptocurrency has kicked off this week with a retest of a descending resistance line that is part of the price channel. However, the RSI’s 14-day short-term moving average dropped from 60.18 to 52.42 in the last two days. This reflects the increase in short-term sell pressure, especially after the resistance retest.
There were 41 whale transaction counts worth more than $1 million on 8 August. The outcome triggered the ongoing sell pressure, but on 9 August.
Source: Digital Coin News (digitalcoinnews.net)
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