• The price of Cardano (ADA) has fallen 1.06% over the last 7 days.
• ADA has also weakened against ETH and BTC.
• ADA’s price is at risk of dropping below 2021 lows.

This week has not been a favorable one for the price movement of Cardano (ADA), as CoinMarketCap shows that the price of the altcoin has dropped 1.06% over the last 7 days. However, the last 24 hours have been a period of positive price movement as ADA’s price has risen 0.35%. As a result, the price of ADA now stands at $0.3159.

Despite strengthening against the U.S. Dollar, ADA’s price has weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.06% and 0.62% respectively.

Weekly chart for ADA/USDT Source: CoinMarketCap

Bears are forcing ADA’s price down, as can be seen on the Ethereum-killer’s weekly chart. The relative positions of the weekly 9, 20 and 50 EMA lines are also an extreme bearish sign. Currently, the weekly 9 EMA is positioned below the weekly 20 EMA line. The 20 EMA line is also positioned below the weekly 50 EMA line.

The bearish pressure has forced ADA’s price down to January 2021 levels, with ADA’s price now trading between $0.3093 and $0.3943. Bulls are fighting to keep ADA’s in the aforementioned channel, as evident by the buy volume that has entered ADA’s chart.

Daily chart for ADA/USDT Source: CoinMarketCap

Zooming in on the daily chart for ADA shows that the altcoin’s price is attempting to break above the daily 9 EMA level to flip it into support. Yesterday’s trading session saw ADA’s price close above the level, but bears are trying to drag it down below the level.

As such, whether or not ADA is able to close above the 9 EMA at the end of today’s trading session will determine if bears will be able to drag ADA below the price channel.

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