Cardano [ADA] Bulls Struggles Above Key Resistance of $1.4

The market was trading in the green territory as volatility picked up. Altcoins such as Cardano [ADA] also noted recovery which extended its weekly gains to 8.91%. Despite this, no major uptrend signs were observed. The resistance of the coin appeared to be increasing in the short term, but by a negligible margin.

Cardano has emerged as one of the best-performing assets this past year. The latest price action, however, lacked an impressive growth structure.

Over the past 24-hours, Cardano [ADA] noted a minor uptick of 1.22% and was being traded at $1.44. At the time of writing, the fifth-largest crypto-asset registered a market cap of $45.80 billion and a 24-hour trading volume of $1.60 billion.

Cardano [ADA] Daily Price Chart:

Cardano’s price had leaped above resistance at $1.40. This bullish move was backed by a rising buying pressure for the asset. However, the recovery stalled as the moving average geared up for the bearish crossover. This could potentially push the price lower to test the nearest support level.

Besides, the 50 DMA [Pink] was sloping down while the 100 DMA [Blue] struggled to maintain its hold above the ADA price candles. The 200 DMA [Yellow], on the other hand, settled below the candlestick arrangement.

The volume declined as the price of the crypto-asset noted a minor recovery which could impede the growth.

The green closing bars of Awesome Oscillator [AO] depicted a formation of a weak bullish momentum. Similarly, the Klinger Oscillator [KO] suggested that the crypto-asset was grappling to hold on to the bullish trend. The Relative Strength Index [RSI], on the other hand, made a much-anticipated headway over the 50-median line.

The crypto-asset needs to hold its fort above the major support zone of $1.14-$1.07 to break away from the sideways price action, failing to do so can result in a retracement to $0.84. Additionally, Cardano needs to jump above the moving averages to reclaim its previous highs of $1.84 and $2.30 respectively.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.