Cardano [ADA] To Fend Off Bears As It Speeds Towards The Bullish Realm

The crypto market was experiencing carnage with almost every coin recording significant slumps. Cardano [ADA] and XRP were seen topping the list as the biggest losers of the ongoing bear market. Other coins like Litecoin [LTC], as well as Chainlink [LINK], were also recording a major downfall. Bitcoin did not have enough fuel to drive past $20K as the king coin was trading for $17,875.77 at the time of writing.

During press time, Cardano [ADA] was trading for $0.1336 with a whopping 12.94% drop in its price over the last 24 hours. The coin was seen resting as the ninth-largest cryptocurrency with a market cap of $4.143 billion. Over the course of the last seven days, the altcoin had plummeted by 15.97%. 

Cardano [ADA] One Hour Price Chart

The one-hour price chart of Cardano [ADA] formed a bullish pattern. Two downsloping converging trendlines formed a falling wedge pattern. The upper trend line was identified by lower highs at $0.148, $0.145, and at $0.138. The lower trend line, on the other hand, was formed by lower lows at $0.143 and $0.131. The direction of a breakout for the falling wedge pattern is usually upwards. This further revealed that the ADA market was gearing up for a reversal of trend.

The 50 and 100 daily moving average indicators were in sync with the bullish pattern. The 100 daily moving average [Red] was seen lounging below the 50 daily moving average [Blue] which further acknowledged the presence of bulls in the ADA market.

Cardano [ADA] With Key Indicators

The entire crypto-verse was muddled in the red sea. With every coin hibernating with the bears, certain coins were trying hard to move on to the bullish territory and ADA was one among them. The Bollinger Bands indicator suggested an increase in volatility as the bands were significantly apart. Furthermore, the bands were seen diverging which suggested that the coin was gearing up for a price change.

The Stochastic RSI indicator was seen recovering from the oversold zone. The indicator was seen suggesting that ADA would once again take a trip to the oversold zone.

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism