Cardano [ADA] is no longer the third-largest cryptocurrency by market cap. Following the weekend correction, ADA fell to fifth spot underlining a bearish presence in the market despite a rather stellar performance over the past couple of weeks.
The crypto asset has raked significant profit owing to several milestones that the underlying blockchain network achieved. The recent Coinbase listing significantly pushed its price up even as the positive trend was short-lived with its weekly gains decreasing below 11%.
Cardano [ADA] was valued at $1.20, after a depreciation of 5.39% over the last 24-hours. At the time of writing, the crypto-asset recorded a market cap of $38.4 billion and a 24-hour trading volume of $4.67 billion.
Cardano [ADA] Daily Chart:
ADA fell after oscillating between an ascending channel on the daily chart. The token initiated a fresh climb shortly before turning down after a local top formation. Its value has not slipped under its immediate support and could potentially consolidate in days to come.
As the volatility took a breather, the moving averages continued to project a bullish macro outlook.
ADA’s Technicals Look Bleak
ADA has outperformed several assets over the last year. This has reflected in its price action and its position on the cryptocurrency ladder. However, the MACD has failed to flip on the positive side after sustaining yet another bearish crossover in less than a week. This evidenced a weak buying demand in the coin marker.
The red closing bar after successive green bars on the index of the Awesome Oscillator also showed a shift in momentum towards the selling side.
The RSI moved south after being turned down from the overbought zone. Even as it held its fort above the 50-median line, it depicted a bearish divergence by forming lower high that corresponded to a higher highs on the price side.
If the Cardano bulls fail to defend its price, bears could potentially move the price towards its immediate support levels of $1.02 and $$0.844 while its resistance remained unbreached at $1.29 and $1.38 respectively.