The crypto market was witnessing a massive setback. Cardano [ADA] managed to escape from the previous ones but was seen stuck with the bears, this time. The altcoin overhauled several coins like XRP, Litecoin [LTC] as well as Binance coin [BNB] and took over as the fourth-largest cryptocurrency. ADA had even surpassed the largest stablecoin, Tether [USDT], in terms of market cap. Though this didn’t last for too long, ADA’s market cap was noted at $34.71 billion.
The price of ADA soared to record a new all-time high amidst the bear market. After recording an all-time high of $1.48 on 27 February 2021, the altcoin began experiencing major retracements. This further instigated a series of speculations regarding the asset hitting $2 very soon. At the time of writing, ADA was trading for $1.13 with a 5.98% drop in the last 24-hours. Nevertheless, ADA incurred gains of over 3.44% in the last seven days.
Cardano [ADA] One-Hour Price Chart
The short-term price chart of ADA was seen bringing back hope. The altcoin was prepping for a change in trend, affirmed the bulls. The Parabolic SAR indicator after laying out a long string of dotted lines over the candlesticks was finally seen flipping this earthward. With just one dot below the candlesticks, the indicator revealed the presence of bulls. The Chaikin Money Flow indicator was seen heading above zero or the bullish realm.
The Relative Strength Index indicator was seen exactly at 50 median which further pointed out a neutral sentiment in the Cardano market.
Cardano [ADA] One-Day Price Chart
Unlike its short-term price chart, ADA on its one-day chart was seen harboring the bears. The MACD indicator was noted in a bearish crossover which was formed recently. The Awesome Oscillator indicator had formed red closing bars further insinuating a bearish sentiment. The Money Flow Index indicator was seen delivering a buyers’ notion in the ADA market as the marker was noted at 70 median.