Cardano [ADA] Technical Analysis: Bear attack imminent after brief respite
Cardano [ADA] showed no impressive price movements during the first month of this year. The eleventh-largest cryptocurrency on CoinMarketCap, ADA, burgeoned to a market cap of $1.40 billion on January 10, the highest recorded for the digital coin this month. During the last 24 hours, ADA witnessed a steady increase in its valuation.
At the time of writing, ADA noted a market cap of $1.02 billion priced at $0.039. The total volume of the crypto-coin traded was $28.08 million, with an optimistic 2.31% change in the otherwise stagnant market.
Source: Trading View
In the one-hour stint, ADA a moderate uptrend of $0.040 from $0.038 and a downtrend of $0.043 to $0.039 have been registered. The price momentum between $0.0405 and $0.038 was noted wherein the immediate resistance and the support were marked respectively.
The converging Bollinger Band points to a low price volatility for ADA.
The MACD line treading below the Signal line points towards a bearish trend for the coin.
Moreover, the Awesome Oscillator draws a bear picture with the lines in red.
Source: Trading View
ADA exhibited a mediocre uptrend to $0.043 from $0.039 as opposed to the massive downtrend to $0.044 from $0.082. The resistance for this time period was marked at $0.046 and two supports were noted at $0.038 and $0.030.
Parabolic SAR indicator for the time period of one-day points towards a bear market trend for ADA with the dotted lines aligned above the candles.
The Chaikin Money Flow graph treads below the zero-line, also indicating that the coin’s price movement towards a bear zone.
Klinger Oscillator suggests a bear trend for ADA.
Indicators such as MACD, Awesome Oscillator, Parabolic SAR, CMF and Klinger Oscillator, all demonstrate ADA’s price momentum in the bear zone. Bollinger Bands, however, exhibited low price volatility and a stable pace for the coin. Also, the CMF graph, which is very close to the zero-line, might potentially move upward to the bull space.
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