Cardano [ADA] Takes A Stroll In The Bearish Territory

The crypto market was ecstatic after Bitcoin once again zoomed past $19K. Certain coins like Cardano [ADA], Bitcoin Cash [BCH] as well as Binance Coin [BNB] were in sync with the price movement of the king coin as they were seen surging. A few other currencies, like XRP and Ethereum [ETH], were seen hibernating with the bears. The fairly new cryptocurrency, Polkadot [DOT] was the star of the show with a 4% surge over the past 24-hours.

During the time of writing, Cardano was trading for $0.153 with a dainty change in its price. Over the course of the last seven days, ADA had managed to bag gains up to 2.47%. The market cap of the coin was at $4.77 billion this further allowed the coin to prolong its stay as the eighth largest coin. 

Cardano [ADA] One Hour Price Chart

The one hour price chart of ADA had formed two diverging lines further laying out an ascending triangle pattern. The pattern was identified by higher highs at $0.1503, $0.1572 as well as $0.160 forming the upper trend line. This was followed by a lower trend line with higher lows at $0.134, $0.142, and $0.149. The formation of the aforementioned pattern insinuated a breakout in the upward direction.

This bullish pattern was further affirmed by the daily moving average indicator. The 50 daily moving average [Blue] remained above the 100 daily moving average [Orange] for a long time now. The indicator revealed the strong presence of bulls with this crossover.

 Cardano [ADA] Price Chart With Indicators

The Cardano market was seen as a battleground between the bulls and the bears. With both these parties fighting the uncertainty of the fate of ADA grew stronger. While the ascending triangle pattern and the daily moving average indicator affirmed the presence of bulls in the ADA market, the MACD indicator suggested otherwise. The MACD line was seen resting below the signal line which was a bearish crossover. This crossover took place earlier today and indicated the evasion of bears in the market. The Bollinger Bands indicator was seen diverging which further hinted at an increase in volatility.