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On the charts, the short-term market has seen a relentless chase between persistent troughs and crests. While the momentum in the spot market was robust, the long-term outlook for the majority of the market seemed to be calmer. Furthermore, since Bitcoin has solidified, altcoins like as Cardano may soon follow suit.
Cardano daily chart
Cardano has twice failed its barrier at $1.86 and has trended downward on the charts. When the price broke higher and pushed the asset back up, it was falling within a declining channel. The almost 25% breakthrough increased the value of ADA to $1.64, but after some adjustments, it was trading around $1.50 at press time.
The crypto-asset may trade at this level for some time, but bearishness is growing in the market.
As the price rose to $1.64, local opposition prevented it from breaking through. As trading remained limited between $1.50 and $1.64, market participants became impatient to sell before another decline.
At the time of publication, Cardano’s market was experiencing a trend reversal. The Stochastic RSI was moving below the Signal line, indicating that selling pressure was increasing throughout the market. Once the crossing is completed, the price might be reduced to $1.39.
Meanwhile, in early June, the MACD indicator indicated that ADA was nearing the conclusion of a negative trend. However, at the time of writing, the histogram was retracing, indicating that buyers were attempting to hold the price and maintain consolidation on the charts.
The 50 Moving Average rose significantly above the price bars when Cardano was trading at the aforementioned price level. This was the start of southward pressure in the ADA market, and if buyers fail to hold on to this level, the price may fall below $1.39.