Cardano (ADA) has seen a 2.2% uptick in the past week according to CoinGecko at the time of writing, however it is still down 43% compared to its dip amid the crypto winter. ADA/USD traded just above $0.25 on Wednesday afternoon.
Data from DeFiLlama shows that Total Value Locked (TVL) in assets on the chain has declined 8% in the past month to $152 million.
The 20-day EMA is an important level to watch for bulls, however the daily RSI is giving sellers an advantage as it hovers below the 50 mark. Bullish plans will require pushing past $0.28, while a breakdown beyond 40.24 could open a path towards a bearish retest of support in the $0.22-$0.20 region.
The outlook on the market amid the historically slow September is not looking promising for bulls. A spike in volatility could prove beneficial for ADA buyers, but whether or not bears will give up any territory remains to be seen.
