- Cardano Price has been trading inside the descending parallel channel over the daily chart.
- The crypto asset managed to recover till 20 EMA and is below 50, 100 and 200-days Daily Moving Average.
- The pair of ADA/BTC is 0.00002325 BTC with an intraday gain of 4.70%.
Cardano’s price continues to struggle to break free from the downward parallel channel. The price of the ADA coin soared towards the parallel channel’s upper trendline, indicating that it was determined to break free. However, ADA bulls failed to sustain further gains and, more critically, the cryptocurrency market’s most powerful element, Bitcoin. It plummeted below 25000 after breaking through the $28000 support level. It slumped roughly 16 percent and slid below 25000. Meanwhile, other cryptocurrencies began to lose confidence and followed BTC’s downfall by following the traditional cryptocurrency’s path. ADA is also falling through a parallel tunnel that is closing in on it, and it is still trapped inside.
Cardano’s price is presently CMP at $0.48 and has gained 4.08% of its market capitalization in the last 24-hour period. Trading volume is up by 15% in the intraday trading session. Volume change showcases the buyer’s eagerness toward the trade. Buyers are still getting involved in the trade for ADA. However, it’s not upto the mark and accumulation needs to be at a significant rate to overpower bears. The volume to market cap ratio is 0.1189.
The price of the ADA coin soared towards the parallel channel’s upper trendline, indicating that it was determined to break free. However, ADA bulls failed to sustain further gains and, more critically, the cryptocurrency market’s most powerful element, Bitcoin. Volume change can be seen below average and needs to grow for ADA to escape the pattern. The bears are currently in control of the situation, and ADA is being sold aggressively.
What do Technical Indicators Suggest about Cardano?
The price of Cardano (ADA) is caught in a downward parallel channel. Bears are becoming involved in the trade in large numbers, thus ADA needs to attract more buyers. As Bitcoin falls below $25000, market attitudes imply a thick and gloomy rise for the entire cryptocurrency market, which is a severe issue for any cryptocurrency investor.
Technical indicators suggest the downtrend momentum of ADA coin. Relative Strength Index showcases the downtrend momentum of ADA. ADA fell below neutrality and is heading towards the oversold territory.
MACD exhibits the bearish momentum of ADA coin. The MACD line is below the signal line after a negative crossover.
Conclusion
Cardano’s price continues to struggle to break free from the downward parallel channel. The price of the ADA coin soared towards the parallel channel’s upper trendline, indicating that it was determined to break free. However, ADA bulls failed to sustain further gains and, more critically, the cryptocurrency market’s most powerful element, Bitcoin. ADA must accumulate more buyers in order to escape the descending parallel channel. Technical indicators suggest the downtrend momentum of ADA coin. ADA fell below neutrality and is heading towards the oversold territory.
Technical Levels
Support Levels: $0.43
Resistance Levels: $0.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.