ADA Could Drop soon or Survive?

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.