After experiencing sideways movement for a long time, Cardano [ADA] has moved on a minor scale, though it has moved to only become more bearish. At the time of writing, ADA, the ninth-largest cryptocurrency token in the world, was down by 1.16%, trading at a depressed price of $0.073 with a market cap of $1.91 billion. Its total 24-hour trading volume was observed to be over $14 million.
In this scenario, the immediate resistance is set at $0.076, whereas the support is fixed at $0.74 on the ADA chart.
The Parabolic SAR indicator is bullish on Cardano, flashing a green light at the price trend. The dots are currently floating below the ADA candles to cheer up the market.
The Awesome Oscillator is glowing green and is predicting a healthy price trend for the cryptocurrency.
In the one-day timeline, the downward trendline from $0.173 to $0.086 and the upward trendline from $0.063 to $0.07 are not likely to converge as of now. More so, the resistance line is seemingly forming a descending triangle on the ADA chart showing a declining trend for the coin.
The Bollinger Bands are predicting low volatility for the Cardano market. Almost a month ago, the bands left a wider gap between them, but have narrowed down to push the market into a sideways trend.
The RSI was in the bullish zone, but turned its head downwards and is currently approaching the bear’s den.
Similarly, the Chaikin Money Flow indicator is waving a red flag by traveling in the lower portion of the chart. It is suggestive of a downward trend for the ADA token.
In the short-term, the indicators have predicted a bullish market for the coin, but the longer timeline is suggesting a danger zone, as stated by RSI and Chaikin Money Flow. However, the Bollinger Bands are not predictive of much volatility in the market, projecting sideways movement of the market.
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