Over the last few months, we’ve seen a few exhilarating and bullish end of the months in the cryptocurrency markets. But the rule is usually the opposite. Most of the times, the end of the months tend to be slow in the best of cases and decidedly bearish quite often. This month’s end is one of those. Except for EOS, Cardano and Litecoin, almost every coin in the top 20 is trading in red numbers.
So we are here to analyze Cardano’s ADA. It’s gain 2% over the last 24 hours and a decent 7.8% for the week. It was somewhat expected because Cardano was probably the digital asset that grew the most by many metrics during June.
ADA is trading at $0.058496 as we write this, and it’s gained an impressive 5.19% against Bitcoin. And it remains well-capitalized at USD 1.516 billion, and it’s holding steady at the 12th spot by market capitalization. Let’s see what we can find out about ADA in the daily and monthly technicals.
Cardano (ADA) 24-hours technical analysis
It looks like the bears had it in the daily technical analysis earlier today, but that’s changed as the day progressed. Still, the price is beneath the first and second support levels (0,063886 and 0,061006, respectively).
The bears already tested these levels, and the market was unable to find support. The next support level (the third one) is of USD 0,057547.
That information is discouraging in itself, but there is a piece of good news now as the day progressed. Almost every moving average and every technical indicator are in the green zone, signaling for the bulls ahead.
If you think that this news can’t possibly get worse, you’re wrong. ADA is trading sideways, so there is no clear trend, and there’s no room for a new direction right now as the Bollinger bands are just too narrow. Is it losing value? For sure. But it’s moving so slowly down that even a short position won’t give you a profit very soon (assuming that it does at all).
Monthly technical analysis
The monthly scenario is not much better. Here we find that every technical indicator, again, is for the bears. The moving averages feature three green metrics, but the remaining nine are still red.
The price is beneath the first support level (0.070510), which is already broken. And the bears have already tested the second support level (0.058975) till today.
So in the monthly scenario, everything is pointing for the bears. But that’s only a partial appreciation because the decline in value is too slow. So even the bears won’t make a buck today by taking short positions.
Outlook
Today it’s all bullish now, but it’s all slow. There is no clear trend in either direction. We are not surprised. Why? Because all the major players are having a not that good time in the crypto market currently. Cardano is not alone.
So just remain calm, and wait to see what the market does as the new week starts. Maybe a piece of news or an announcement will change everything. And even if there is no such trigger, as the world goes back to work on coming Monday the trading volumes rise, and the markets pick up.
But today, you have the opportunity to enjoy your middle of the week away from the digital assets market.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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