Cardano has consolidated after ADA surged on the one-day chart. Bitcoin, on the other hand, increased its losses, which kept the wider market looking weak. The one-day chart shows mixed signals. It may also mean that the base will try to go north.
Over the past 24 hours, ADA is up about 13%. Last week, on the other hand, the asset recovered well above 22%. Buyers in the market are looking to show strength as the coin has been showing a bullish presence over the past week.
If buyers stay in the market, Ada could push near the $ 0.60 resistance immediately. ADA price may fluctuate if sellers regain strength. This could lead to bears taking over the market.
Cardano Price Analysis: One Day Chart
ADA is trading at $ 0.63 at the time of writing. After Cardano gained almost 22% in the last week, the coin represents a reasonable price development. The immediate support line is $ 0.47. A break below this line could pull ADA to a low $ 0.40.
The price cap for ADA is $ 0.63. For the bulls to regain strength, Cardano needs to trade at least above the $ 0.70 level. As the base is trading on the other side, there is likely to be an upward movement. The size of the trading asset is plotted in green. This indicates an upward trend.
The recent bloodshed in the Cardano crypto market plunged into oversold territory. The tire was last oversold in December 2021. On the Relative Strength Index, Cardano tried to rise above the midline.
This indicates an upward trend. At the time of writing, however, the Relative Strength Index showed little deterioration. Despite the small downtrend, the altcoin came still dominated by buyers.
Consistent with the same value, the ADA price was above the 20-SMA. A reading above the 20-SMA means that buyers are driving the market price momentum.
As buyers returned to the market, the convergence divergence also turned positive moving average. The MACD showed green bars signals as the bulls returned to the market. These green bars can also be interpreted as buy signals.
The occurrence of buy signals in the market is also consistent with the Relative Strength Index. Chaikin Cash Flow – an indicator that measures capital inflows and outflows – showed signs of recovery.
While capital inflows increased, the CMF showed a downward trend. This may be related to the reduction in capital inflows at the time of writing this report. ADA price remains bullish provided buyers continue to drive the momentum.
Text credit: Newsbtc
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