At the time of writing, Cardano’s price is bullish on the chart. Last day Cardano rose to 2%. Last week, altcoin price action was not positive as it lost most of its gains during the week.
Continued buyer recovery may push ADA to the next level of resistance. At the time of this writing, however, the ADA was trading sideways.
The altcoin has been sandwiched between $0.50 and $0.44 respectively over the past two weeks.
Although buying strength is trying to recover on the chart, selling strength was still dominant at the time of writing.
The Cardano price support zone rests between $0.44 and $0.40 respectively. Cardano is one of the altcoins that has moved on a wave.
Bitcoin, however, has shown signs of appreciation in the past 24 hours. If the coin’s buying strength does not enter the positive zone, ADA bulls can quickly disappear.
Cardano Price Analysis: One Day Chart
ADA was trading at $0.46 at the time of writing. In the last 24 hours, the coin broke the resistance level once.
The immediate resistance mark for Cardano was $0.49. If the bulls can break the $0.49 price level, the bulls could stay longer.
If buyers don’t come, Cardano’s price will fall to $0.43 and then below the $0.40 mark.
Although buying strength has increased, the volume of altcoins traded in the previous session has decreased. This indicates the dominance of sellers in the market.
Technical analysis
The altcoin has shown signs of recovery on the intraday chart. Technical indicators pointed to the bulls.
At the time of writing, the relative strength index was below the halfway line, indicating that buying pressure is greater than selling pressure.
Cardano’s price was below the 20-SMA line, and that indicates less interest as sellers are driving price action in the market.
Under pressure from buyers, the ADA could move above the 20-SMA and 50-SMA lines, which would invalidate the bearish study.
ADA bulls have yet to gain momentum on the one-day chart. As long as the buyers do not overcome the strength of the sellers, the bulls will not be able to push the price of the altcoin above the $0.49 mark.
The moving average support divergence shows the altcoin’s price momentum and price action. MACD formed a hidden crossover and a red histogram, which was a sell signal for the coin.
A directional movement index measures the overall price direction. DMI was negative because the -DI line was above the +DI line.
The Average Directional Index was advancing towards the 20 mark, indicating the acceleration of the current price action.