Cardano gained strength after Bitcoin attempted to increase on its one-day chart. The wider market continues to show signs of weakness as Bitcoin continued its losses. One day charts show mixed signals, which may indicate that bitcoin might be trying to go north.
ADA lost 1% in the past 24 hours as it was primarily consolidating. The coin has seen a significant increase of 22% in the past week. The market saw bullish activity over the last week, so buyers also tried to show their strength.
If there are buyers, ADA could push to $0.60 and then trade close to immediate resistance. If sellers gain strength, the price of ADA could fluctuate which could lead to the bears taking over the market.
Cardano Price Analysis: One Day Chart
At the time of writing, ADA was at $0.54. The price of ADA has seen a mundane increase in value over the past week, with an almost 22% jump. Its support line at $0.47 was its immediate level. A drop below this level could cause XRP’s to fall as low as $0.40.
The overhead price ceiling of ADA was at $0.62. In order for Cardano to regain its strength, it must trade at least $0.70. Sideways trading indicates that a potential move up is possible. In green, the volume traded for this coin was indicated as bullishness.
Technical Analysis
Cardano was forced to enter the oversold market by the cryptocurrency market’s recent chaos. In December 2021, the coin had been oversold for the last time. Relative Strength Index: The altcoin attempted to rise above the half-line.
It was a sign of bullishness. The Relative Strength Index saw a slight downtick at press time. The altcoin is still heavily dominated by buyers, despite the slight downtick.
According to the same reading, the price for ADA was higher than the 20 SMA. The market’s price momentum was driven by buyers if the reading is higher than the 20-SMA.
Related Reading | Crypto Community At CoinMarketCap Predicts $1 Cardano By June 30
The Moving Average Convergence Divergence turned positive as buyers returned to market. As the bulls returned to the market, MACD displayed green signals bars. This green bar can be taken as a buy signal.
Relative Strength Index also confirms the frequency of market buy signals. Chaikin money flow is an indicator which measures capital outflows. There were signs of recovery.
CMF showed a decrease in capital inflows despite an increase. This can be attributed to the capital inflows dropping at the time this article was written. ADA’s price is still on the lines of optimism if buyers continue to drive the momentum.
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