Cardano [ADA/USD] Technical Analysis: Bear to stay in the market for a longer duration | Btc-News.info
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Cardano [ADA/USD] Technical Analysis: Bear to stay in the market for a longer duration

Cardano [ADA], the eighth-biggest cryptocurrency in the market, has been sparking green on a constant basis in the market, despite the lack of new announcements. However, the coin has failed to show its continuous support to the bull after the race, which took place at the beginning of this month.

According to CoinMarketCap, the cryptocurrency was trading at $0.075 with a market cap of more than $1 billion. The coin had a trading volume of more than $20 million and had seen a gain of 4.94% in the past 7 days.

1-hour:

Cardano [ADA] one-hour price chart | Source: Trading View

In the one-hour chart, the coin showed a downward trend from $o.077 to $0.075. It also displayed an upward trend which started at $0.0744 and ended at $0.0748. The coin has a strong resistance at $0.078 and an immediate resistance at $0.0754. Nonetheless, the coin has a strong support at $0.0744 ground and an immediate support at $0.0746.

The Chaikin Money Flow showed that the bull could take over the market.

Parabolic SAR showed that the dots have started to align below the candlesticks, predicting a bullish run to take place soon.

The Bollinger Bands were contracting at the time of writing, displaying a less volatile market. 

1-day:

Cardano [ADA] one-hour price chart | Source: Trading View

Cardano [ADA] one-hour price chart | Source: Trading View

In the one-day chart, ADA displayed a downward trend from $0.172 to $0.081 and an upward trend from $0.071 to $0.076. The cryptocurrency showed that there was a tough battle ahead as it had to breach the immediate resistance, which is set at $0.086 and the strong resistance, which is set at $0.107. If the strong resistance is breached, then the next resistance is set at $0.172

The RSI indicator showed that the selling pressure and the buying pressure of the coin are evening out each other.

MACD showed that the moving average line was above the signal line. However, the line was converging and showed that it could dive below the signal line, forecasting a bearish weather.

The Klinger Oscillator was on the bear’s side, as the reading line was below the signal line.

Conclusion

The cryptocurrency could rejoin the bear’s group soon as the MACD and Klinger Oscillator are showing their favor to the bear.

The post Cardano [ADA/USD] Technical Analysis: Bear to stay in the market for a longer duration appeared first on AMBCrypto.

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Author: Priya
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