Cardano has slipped considerably on its chart over the last week. After losing support at $0.62, ADA has been on a freefall. On the daily chart, the coin has been trading in a descending channel. ADA has now secured $0.42 as its immediate support. Buying pressure has fallen on the chart as ADA has continued to display bearish sentiment. The bulls have been favouring the sellers and if it continues to do the same, the coin might break below the aforementioned support level. From the technical outlook it appears the Cardano might continue to descend further before it registers an upward movement. A strong revival cannot be predicted just yet, however, if buyers re-enter the market the coin could witness some relief. The global cryptocurrency market cap today is $914 Billion with a 0.3% positive change in the last 24 hours. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.46 on the four hour chart. As the coin broke the $0.62 level, the coin has depreciated in value substantially. Over the last week, the coin lost close to 4.8% of its market value. Over the past couple of days, the coin has mostly oscillated between $0.47 and $0.45 respectively. Local support for the coin stood at $0.42, while the resistance for ADA was at $0.53. As buying strength has remained low, a move above the $0.47 mark seems difficult. The amount of ADA traded diminished significantly indicating bearish pressure. The volume bar was red signifying negative price action on the chart. Technical Analysis The altcoin displayed a fall in buying strength after it tried to recover shortly on the chart. The fresh decline on the chart pushed buyers outside the market. The Relative Strength Index depicted a downtick as the indicator was parked near the 40-mark. This indicated that sellers outnumbered buyers in the market. On the 20-SMA line, ADA was below the 20-SMA line which signalled that sellers were driving the price momentum in the market. If demand returns then ADA would push itself over the 20-SMA line gathering some bullishness over the next trading sessions. Suggested Reading | Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls In accordance with the falling buying pressure, capital outflows also increased. The Chaikin Money Flow depicts capital inflows and outflows in the market. CMF was seen below the zero-line, which meant that capital inflows have remained lesser than outflows. This meant that selling pressure has mounted in the market. The Directional Movement Index portrays the price momentum and possible reversals. The DMI was bearish as the -DI line was above the +DI line. The ADX (red) was nearing 20 displaying that there was weakness in the current price momentum. For Cardano to experience northbound movement, buyers need to take over the market. Suggested Reading | Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps? Featured image from The Forbes.com, chart from TradingView.com
View full article at NewsbtcBackground Photo by JoelValve on Unsplash
Quant Hedge Fund Two Sigma Hirin...
Cream Plunges on News That Hack ...
Indian National Congress Accuses...
CoinTelegraph (cointelegraph.com)
Blockchain-based private loans h...
Bitcoin won’t be beaten as dig...
Daily gas spent on EVM inscripti...
Bitcoin News (news.bitcoin.com)
Reserve Bank of New Zealand Rele...
Halving Milestone: Block 840,000...
Bitcoin Miners Ramp Up Hashrate ...
IRS Reveals Preliminary Tax Repo...
Binance CEO Vows Cooperation Wit...
Komodo CTO Warns That Bitcoin Is...
DTX Set for a 500% rise outshini...
BlockDAG Captures the Limelight ...
ETH Ecosystem Continues to Face ...
FTX investors agree to drop civi...
Hong Kong-based HashKey to cease...
FTX empties FTT treasury wallet,...
Uniswap Resurgence Incoming? Ana...
Shiba Inu Burn Rate Sees 81% Dai...
Bitcoin Halving Could Catalyzed ...
CryptoGazette (cryptogazette.com)
Another Day, Another Banking Sca...
US Banking Giant Pays $249,000,0...
Cardano To Explode by Over 1,300...
Bitcoin’s $109M outflow: A dip...
Shiba Inu: Should you trust this...
BAYC’s 3-year low: Will NFT ma...
Solana Fans Swarm to Rising Cryp...
Will Bitcoin Halving Spell Doom ...
Israel-Iran Conflict To Push Bit...
Celebrities May Have Their Dirty...
3 Ways Bitcoin Traders Can Spot ...
Blockchain as an Infrastructure:...
BinaryX Releases RhinoX Whitepap...
StreamCoin’s 1st Anniversary: ...
Ukrainian Real Agriculture Busin...
Benchmark Protocol (medium.combenchmarkprotocol)
Benchmark Protocol celebrates 1 ...
Benchmark Protocol Integrates Ch...
Bitcoin Magazine (bitcoinmagazine.com)
ViaBTC Just Mined the 4th Ever B...
MicroStrategy to Host Bitcoin Fo...
Bitcoin.com (news.bitcoin.com)
Foundry to Isolate and Monetize ...
SEC Amends Lawsuit Against Tron ...
Bitcoin Barely Bobbles After Hal...
The Race Is On to Mint One of th...
Volatile Roller Coaster: BTC Jum...
Weeks after Solana’s meme coin...
Two years after blowing up his o...
This Bitcoin halving is the most...