Cardano (ADA)

Cardano has accomplished some of the most crucial milestones in its roadmap. Its native digital asset, ADA has not been quite responsive to the developments on its blockchain side. The token has posted minor weekly gains of more than 4% even as several prominent altcoins saw a decent run this week.

While it has managed to position itself as the sixth-largest crypto-asset by market cap, ADA’s price has been trapped in between $1.24 and $1.15 for almost two weeks now.

Cardano [ADA] noted a minor surge of 0.56% over the last 24-hours, which pushed its price to $1.22. At the time of writing, the crypto-asset registered a market cap of $39.57 billion and a 24-hour trading volume of $6.71 billion.

Cardano [ADA] Price Daily Chart:

The volatility in the ADA market declined and the crypto-asset continued to trade sideways. The formation of a symmetrical triangle on the 24-hour chart depicted that the price could break out on either side of the pattern upon completion.

The 50 DMA [Pink] has time and again attempted to break above the ADA price candles and was still treading close to it. The candlestick arrangement needs to maintain the upward trajectory and not slide below the moving average in order to target the nearest resistance levels.

The 100 DMA [Blue] continued to hover below the ADA price candles as well as the 50 DMA depicting the bullish presence in the market.

The Klinger Oscillator continued to depict a bullish phase for ADA. The same cannot be said for MACD which was still trapped under a bullish crossover after failed attempts to flip over. This suggested that the buying demand’s struggle to rise above.

The RSI, however, stagnated a little above the 50-mark depicting a steady buying pressure in the ADA market which was a tailwind to the bullish outlook.

Cardano’s technicals depicted a swing to the upper target level in the near term. The resistance levels for the crypto-asset were found to be at $1.29 and $1.37. The support levels, on the other hand, stood at $1.16, $1.04, and $0.951 respectively.

Cardano [ADA] recuperated along with other top cryptocurrencies after a week-long struggle. It amassed minor gains of a little over 1% around the same time frame.

The bullish impetus has helped the token to consolidate above $1 despite turning down a potentially solid breakout just a week ago.

As the bulls battle to defend important support, Cardano [ADA] was found to be trading hands at $1.19 after a minor surge of 1.89% over the past day. At the time of writing, the fifth-largest crypto-asset registered a market cap of $37.92 billion and a 24-hour trading volume of $2.58 billion.

Cardano [ADA] Daily Price Chart:

Cardano [ADA] has been consolidating within a tight rangebound. Despite not breaking below the immediate level of support, the upward sloping 50 DMA [Pink] appeared to be closing in on the ADA price candles. If the DMA manages to outpace the latter and moves above, it can be damaging for ADA’s price in the near term.

100 DMA [Blue], on the hand, continued to support the candlestick arrangement as it hovered well below the 50 DMA.

Are ADA Bulls Ready For An Upward Flip?

It appears as if they are. The bulls have defended Cardano’s price all this while even as it faced critical resistance for an upward move. This was evident in the above chart which depicted that the technicals are slowly switching positive.

The small green closing bars of the Awesome Oscillator, for instance, suggested a minor but bullish momentum for the token’s near-term price action.

The MACD also appeared to be gearing up for a bullish crossover after a week of treading on the negative side. This also indicated a rise in buying demand.

The RSI closing above the 50-median level also demonstrated a sentiment of steady buying pressure among the market participants of the crypto-asset.

In case of an upside break, Cardano could target its nearest resistance levels of $1.29 and $1.38 while the support points remained untested at $1.03, $0.96 and $0.84 respectively.

Cardano [ADA] has managed to position itself as the fifth-largest cryptocurrency by market cap on the leaderboard after outperforming several top tokens over the past several weeks. It took a breather before gathering steam for its next move towards the top.

The crypto-asset plummeted shortly after its Coinbase Pro listing incurring a double-digit loss which brought its weekly gains to 12.05%.

Cardano [ADA] found to have been consolidating despite being down by 3% over the past day. It was now exchanging hands at $1.15 as the bulls continued to defend an important area of support. The crypto-asset registered a market cap of $37.1 of billion and a 24-hour $5.21 billion, at the time of writing.

Cardano [ADA] Daily Chart:

The volatility in Cardano’s chart has noted a significant decline depicting a consolidation phase. But ADA price candles formed a bearish ascending channel on the daily chart as the coin. The formation of this bearish pattern did not bring good news for the coin and suggested a potential dip upon completion.

The moving averages, however, continued to favor the bulls. Firstly, the gauge between the two DMAs remained consistent with the 50 DMA [Pink] hovering above the 100 DMA [Blue]. Secondly, both the DMAs were below the ADA price candles supporting the coin from further downturn.

On Balance Volume [OBV] has been treading high since the mid Feb this year when it broke out past $0.50. The buying volume remained unfazed even as Cardano was turned down several times after forming a local top. This was indicative that sellers were unlikely to force prices beneath $1 level.

The MACD, however, underwent yet another bearish crossover after hinting on a positive revival. The RSI declined in tandem with the price action even as it held its fort above $50. It also formed a bearish divergence with lower high matching corresponding higher highs on the price.

Cardano could face a decline in the near-term which could prompt the crypto-asset to test support areas of $1.02 and $0.8 respectively. The resistance areas, on the hand, were found to be at $1.29 and $1.38 respectively.

Cardano [ADA] shed nearly 14% of gains it acquired over the week. However, it has managed to hold on to a psychological support area. This is because, even as Bitcoin’s downfall has had a ripple effect over the market, altcoins’ losses were less devastating.

After extending its decline against the US Dollar, Cardano [ADA] was found to be trading at a price of $1.03. Unlike several of its peers, the fifth-largest crypto-asset jumped on the recovery train and was noted a minor uptick of 1.39% over the past day. At the time of writing, ADA recorded a market cap of billion and a 24-hour trading volume of billion.

Cardano [ADA] 4-Hour Chart:

Cardano [ADA] price candles have been consolidating between the trendlines of a descending channel. As per convention, ADA could potentially undergo a bullish breakout upon completion of the pattern formation.

Apart from the positive short-term projection, the moving averages also signaled a bullish phase for the crypto-asset. The 50 DMA [Pink] continued to hover below the price candles and well above the 100 DMA [Blue].

Resistance for short-term break-outs stood at $$1.14, $1.3 and $1.45 respectively. On the other hand, support levels stood untested at $0.9 and $0.8 respectively.

Cardano [ADA] Daily Chart:

Cardano [ADA], the long-term prospects, however, does not look quite promising. The crypto-asset formed a head and shoulder pattern on the daily chart as depicted above with a neckline and three peaks. The price fell from the neckline level and hence, it was an indication of a bearish breakout.

Further validating the bearish presence was Chaikin Money Flow [CMF] indicator which dipped in tandem with ADA’s fall to the negative territory indicating a decline in capital inflow to the coin market.

The MACD also flipped on the red zone as the gauge formed after the bearish crossover continued to rise further suggesting bulls have lost control of the ADA market as demand took a major hit.

The RSI also dipped below the 50-median line and indicated a sentiment of a rising sell pressure in the market.

Despite hints of short-term bullish prediction, the macro outlook was strongly bearish. As noted by above charts, ADA could potentially consolidate before for some-time before sustaining an extensive loss. In which case, support levels of $0.9 and $0.8 could come into play while resistance levels stood unbreached at $1.2 and $1.3 respectively.