Cardano [ADA]’s recent price explosion went hand in hand with the rise of the rest of the cryptocurrency market fully in the midst of a bull run. After Bitcoin’s surge above the $50k mark, the altcoin ecosystem saw its own markup. Cardano jumped back into the podium positions after losing out to Binance Coin [BNB] at the start of the week.
At press time, Cardano was trading at $2.3 holding a total market cap of $75.08 billion. The cryptocurrency was the second-biggest gainer after Polkadot with double-digit gains in the daily spectrum. After a 9 percent daily gain and a 12 percent weekly climb, ADA’s 24-hour trading shot up to $3.25 billion. Cardano has to watch its back because Binance Coin was right on its tail.
Cardano 1 hour:
The immediate support was at $2.12 after a reverse fluctuation mid-week. Cardano’s continuous charge was interrupted last night after the formation of 8 consecutive red candles.
Relative Strength Index: After shooting above the overbought threshold, Cardano’s RSI fell back into the hold. The positive sentiment was captured by the market after more users held onto their assets.
Chaikin Money Flow: Just like the RSI, the graph here spiked downwards sharply. This indicated that the capital coming into the market had overtaken the outflow.
Parabolic SAR: The markers stayed below the price candles as the prices improved.
Cardano 1 day:
Cardano’s daily performance allowed its price to move sinusoidally on the charts The daily support floated near the $1 mark after climbing later.
Chaikin Money Flow: The long-term CMF fell below the zero line which meant that long-term positive sentiment had reduced. As more capital flows into the market, the ecosystem is expected to gain a larger market threshold.
Parabolic SAR: The latest markers were below the candles after the cryptocurrency hit a bear wall. Even the market momentum has split itself between the red and the green.
Relative Strength Index: The RSI was the only positive ticker in the long term as the line cut above the midway point. In the long run, more and more users were HODLing onto their ADA tokens.