Cardano [ADA] Technical Analysis: Token dwelling in the bearish zone despite a slight rise
The top-ten cryptocurrencies on the CoinMarketCap has witnessed a modest leap in its valuation in the last 24 hours along with the eleventh-largest digital currency Cardano [ADA]. After a momentary decline in its price in the evening of 23 January, ADA has managed to gear up steadily, exhibiting a bullish second half later that day.
At the time of writing, ADA held a market cap of $1.12 billion, priced at $0.043. The trading volume recorded for the coin was $22.03 million with a slim gain of 1.92%.
1-hour
Source: Trading View
During the one-hour time frame, Cardano [ADA] registered a low-key uptrend from of $0.042 to $0.044, the corresponding downtrend recorded was from $0.046 to $0.044. Immediate resistance was marked at $0.044 and that of immediate support at $0.043.
The Bollinger Bands predicts a rise in price volatility for the ADA coin during the mid of 23, January. This indicates a potential price fluctuation in the already unstable crypto market.
The Klinger Oscillator also marks the coin following a bearish pattern with the signal line treading above the reading line.
Further, the Awesome Indicator graph also depicts a bearish trend with the lines in red.
1-day
Source: Trading View
Cardano [ADA] experienced a significant uptrend of $0.043 from $0.030. However, the coin fell through massively and sustained a downtrend from $0.081 to $0.051. The coin held an initial resistance at $0.046 and the support at $0.041.
With dotted lines aligned right above the candles, Parabolic SAR depicts the coin in the bearish sphere despite early morning gains.
The MACD indicator pictures a bearish spiral for the coin with the MACD line positioned below the Signal line.
The Chaikin Money Flow, predicts a bearish market for ADA with the graph hovering a little below the zero-line, indicating a flush out of money from the market.
Conclusion:
Although the CMF indicator indicates the coin heading towards a bullish zone in the near future, with the graph very close to the zero-line, all the other indicators for the two time periods showed a strong pull towards the bear’s territory.
