Cardano recently dropped to the 6th position in the market as the monthly candle for November 2021 is up by nearly 8%. The previous months haven’t been too kind for the altcoin as it saw a decline of more than 20% in September, followed by a dip of nearly 7% in October.
According to the data provided by CoinMarketCap, the 24-hour trading volume of the token dropped by nearly 11% and currently stands at $6 billion. On the other hand, the token’s market capitalization is down by almost 4%, resting at $71.3 billion.
The current resistance for price action can be seen at $2.15, which remains intact. On the other hand, the nearest support level is present at $1.95. Following a drop of more than 7% on Nov 10, the token’s price has turned bearish.
Cardano price analysis on the daily chart using technical indicators
The technical indicators for Cardano price analysis remain bearish as the token is unable to capture higher prices and reach the previous all-time high at $3.1.
The 50-day Moving Average and the 100-day Moving Average are currently progressing above the price action, indicating bearish sentiment. Also, the prices failed to break out from the upper end of the Bollinger Bands as bears take the prices down.
The RSI indicator shows that the selling pressure has increased but, the prices are still in the bullish zone, i.e., above 50-level. Gradually, the gradient has turned positive, meaning higher prices might follow today.
The MACD indicator turned bullish as the blue line (MACD line) crossed above the red line (signal line), and the histogram turned green.
Based on the readings from RSI and MACD, it seems that the bulls are currently in control of the prices overall.
Final Verdict
The prices turned bearish for Cardano the previous day. However, we can expect higher prices in the coming days as the indicators are still fairly bullish.