- Cardano price over the monthly chart is trading under the falling wedge pattern while falls below its short-term moving average line of 20 and 50-DMA.
- The crypto asset is presently placed above its vital moving average 100 and 200-day lines and falls to hold its 20 and 50-DMA line.
- The pair of ADA/BTC is trading at 0.00005075 BTC with a minor 24-hour loss of -0.65%, and the ratio of ADA/ETH is CMP at 0.0007316 ETH with an intraday gain of +1.94%.
Cardano price at the monthly chart is projecting a slightly bearish trend from the higher levels and currently trading under the falling channel pattern. Volume activity at the monthly chart increases but still needs to grow more for a strong reversal. Now, the volume has fallen below its average volume line and continuously heading lower. Likewise, the crypto asset is currently trading above its vital moving average 100 and 200-day lines favoring bulls.
On the other hand, ADA fails to hold its short-term moving average line of 100 and 200-day. Supporting volume activity will create more bullish momentum once the closing above its SMA lines of 20 and 50-day lines and the wedge pattern. Support on the lower side is $2.00 and $1.89, whereas resistance on the higher side is $2.34 and $2.51.
Cardano price over the 4-hour time frame is trading on a bearish note
Cardano price over the 4-hour time frame is trading on a bearish note while making lower highs and lower lows. Moreover, the technical parameters are also indicating profit-taking over the weekly chart. Volume over the monthly chart is lower and needs to grow strongly for a significant recovery in upcoming trading sessions. ADA token is trading at $2.13 with an intraday drop of -4.39%, and the volume to market cap ratio is at 0.04093.
Relative Strength Index (BEARISH): Cardano price RSI is trading under pressure after a correction from higher levels. The coin is currently heading towards the oversold zone with a gradual selloff and CMP at 40.
Moving Average Convergence Divergence (BEARISH): The daily chart indicates a bearish or negative trend at the 4-hour time frame. At the same time, the seller’s line (red) overpowers the buyer’s signal line (green).
Support levels: $2.00 and $1.89
Resistance levels: $2.34 and $2.51.