Cardano [ADA] was up by 8.03% over the past week, as the wider market witnessed a brief respite after prolonged bearish impetus. Despite staging a major comeback, the price movement continued to remain rangebound as the volatility in the coin market remained low. This was due to the fact that the traders have guided the moderate selling pressure.
Over the past 24-hours, Cardano [ADA] noted a minor increase of 1.76% which pushed its price to $1.34. At the time of writing, the crypto-asset registered a market cap of $42.67 billion and a 24-hour trading volume of $2.32 billion.
Cardano [ADA] Daily Price Chart:
Cardano [ADA] has settled close to its 2-month lows and has been oscillating within the tight range since the major drawdown of 21st of June. As a result, the 100 DMA [Blue] moved over it along with the 50 DMA [Pink] exerting even more bearish pressure in the coin market. The decreasing gauge between the two moving averages could be a cause of concern as it would bring in bearish crossover into play.
On the other hand, the upward sloping 200 DMA [Yellow] continued to hover below the ADA price candles for now.
The low volume could, however, potentially impede growth.
The Klinger Oscillator depicted a weak bullish phase as marked underwent a minor recovery. The Chaikin Money Flow [CMF] dropped below the zero-line picturing an outflow of capital from the ADA market. The Relative Strength Index [RSI] was also struggling to make headway above the 50-median line as sellers continued to sway the market in their favor.
According to above charts, the short-term setup looks challenging. For Cardano to reach highs of $1.84, and $2.30, it first needs to breach the moving averages at $1.43 and $1.58 which are major resistance levels. If the bearish pressure increases, the digital asset could test the immediate support levels of $1.02 and $0.33 respectively.