At the time this article was written, Cardano’s price had been steadily climbing on its chart. The Altcoin has been rangebound, as ADA dropped 0.6% in the past 24 hours.
Cardano prices have declined by 3% over the past week.
As demand returned to the charts, the bulls helped the coin rise to $0.46 as demand increased.
The $0.48 price point has seen strong resistance from the altcoin. As selling strength increased on the chart, the technical outlook for the Cardano Price has been bearish.
On the chart, the support zone of the coin was between $0.44 to $0.40. In the event of buying strength returning, the coin might attempt to trade close to $0.46 to reach $0.48.
ADA trades at 86% below its historical high. ADA will likely move higher than $0.48 with increased demand. That could invalidate the altcoin’s bearish thesis.
Cardano Price Analysis: One Day Chart
At the time this article was written, ADA traded at $0.44. Cardano’s price had to reach $0.46, but the bulls stayed put.
Shortly thereafter, the bulls fell apart. Overhead resistance at $0.48 was the price at which ADA might face another price ceiling at $0.52, before the coin can unleash the bulls.
Cardano’s nearest floor was $0.41. The bears will be stronger if they fall below this level.
Cardano was less traded than usual in the previous session, which indicates that demand is low and selling strength has taken over.
Technical Analysis
ADA displayed the strength and selling potential of altcoin by showing that it was still moving southwards.
According to technical indicators, there was less demand for altcoin. Cardano’s Relative Strength Index fell below half the line, which meant that there were more sellers on the Cardano market.
Cardano’s price fell below the 20 SMA line which indicated a lower demand. The price momentum also showed that sellers controlled it.
Cardano might attempt to cross the 20 and 50-SMA lines with more buyers and demand, helping bulls gain strength.
ADA shows that sellers are more active than buyers in the 24-hour charts. Overall, the price movements were in a downward trend.
The price momentum and price action are displayed by Moving Average Convergence Divergence. MACD displayed red histograms as a sell signal.
Parabolic SAR is also responsible for the direction in which the Altcoin’s price moves. Parabolic SAR’s formation of dots above the candlestick indicated that Cardano was on a downward trend.