- Cardano price has been trading inside the rising parallel channel and is currently trading at a lower trendline.
- ADA crypto is trading below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of ADA/BTC is at 0.00002359 BTC with an intraday gain of 1.42%.
The Cardano price is attempting to rise through an upward channel over the daily price chart. Because it is trading close to the channel’s bottom trendline, the coin is currently under pressure from short sellers. The ADA coin has to keep up the momentum of the current surge in order to recover and reach a respectable resistance level. ADA bulls must maintain the upward momentum for the token to be able to break free of the ascending parallel channel with a strong bullish surge. However, bears are making an effort to short the ADA market. It is challenging for cryptocurrencies like ADA to recover effectively during a bad market. Investors in ADA must wait until bulls retain their position at the upper trendline of the ascending parallel channel.
Cardano’s market cap has grown by 0.15% during the last day, and its estimated price is at $0.474. However, trade volume fell 17.06% during the intraday trading session. This shows that bears are attempting to reduce the token below the channel’s lower trendline. Volume to market cap ratio is 0.05035.
ADA coin price has been inclining through a rising parallel channel over the daily price chart. The token must gather support at the lower trendline of the channel to soar back towards the upper range. However, volume change can be seen below average and needs to grow for ADA to get support. Meanwhile, ADA crypto is trading below the 20, 50, 100, and 200-day Daily Moving Average.
What do Technical Indicators suggest about ADA?
The ADA cryptocurrency is making an attempt to signal its recovery through the ascending parallel channel that is visible on the daily price chart. The token must continue to move inside the channel and push past the allowable resistance level in order to maximize recovery. Technical signs suggest that the ADA currency’s downward trend is gaining steam.
The relative strength index shows that the ADA is now in a decline. At 47, the RSI is approaching oversold territory. The ADA coin’s decline momentum is visible on the MACD. A negative crossing will occur when the MACD line crosses the signal line downward.
Conclusion
The Cardano price is attempting to rise through an upward channel over the daily price chart. Because it is trading close to the channel’s bottom trendline, the coin is currently under pressure from short sellers. The ADA coin has to keep up the momentum of the current surge in order to recover and reach a respectable resistance level. ADA bulls must maintain the upward momentum for the token to be able to break free of the ascending parallel channel with a strong bullish surge. However, bears are making an effort to short the ADA market. It is challenging for cryptocurrencies like ADA to recover effectively during a bad market. However, volume change can be seen below average and needs to grow for ADA to get support. Technical signs suggest that the ADA currency’s downward trend is gaining steam. A negative crossing will occur when the MACD line crosses the signal line downward.
Technical Levels
Support Levels: $0.45 and $0.40
Resistance Levels: $0.50 and $0.55
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.