After a decent September that saw Cardano climb to third place on the charts, the cryptocurrency fell into a lull caused by the bear. On the other hand, the broader cryptocurrency market’s fervent push into the bullish zone was stopped in its track as the week came to a close. On Thursday the market fell into a trap with price dips all around, affecting both Bitcoin and the altcoin ecosystems.
At press time, Cardano was trading for $2.07 with a total market cap of $66.58 billion. A 7.22 percent weekly drop caused the trading volume to fall to $2.909 billion. Meanwhile, Tether enjoyed a stable run that propelled it to the podium spots on the charts. Cardano’s community expected a price hike by the end of this month but it looks like the wait will be prolonged.
Cardano’s hourly performance had steadily waned over the past week as the immediate support fell to $2.06. The cryptocurrency was dependent on capital coming into the market to sustain itself and the ATH’s it was achieving. As of now, the main concern was the five consecutive red candles taking shape in the immediate timeframe.
Relative Strength Index: The RSI crashed significantly towards the oversold zone in the past 24-hours. This was a sign that ADA selling pressure had overtaken the community buying pressure.
Chaikin Money Flow: The CMF stopped crashing and instead moved parallel to the zero line. Despite the hold below the zero line, it could be perceived that the brakes had been hit on the capital outflow.
Parabolic SAR: Cardano’s PSAR markers were below the candles after the latest bear crash. The marker positions were exemplified by the red candles on the charts.
In the long term, Cardano was struggling to maintain its follow-through highs from its August bull run.
Chaikin Money Flow: The daily CMF imitated its short-term counterpart as the amount of capital leaving the market jumped leaps and bounds ahead of the influx.
Relative Strength Index: September saw the RSI take up a descending function as the graph fell from its overbought peaks. Currently, the number of people selling their ADA tokens had outweighed those HODLing it.
Parabolic SAR: Even here, the markers stayed below the price candles as the bear-controlled market momentum. All of the aforementioned indicators pointed to a bearish stretch as the lack of incoming capital stood out as the main concern.