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•ADA/USD is currently priced at $0.89 and has decreased by 2.17% over the past day
•The technical indicators suggest a hawkish outlook for the near term
•The trading volumes have decreased by 24.13% over the past day
Short Term View: Choppy price action deals a blow to Cardano Coin
The Cardano price today is $0.897981 USD with a 24-hour trading volume of $668,279,965 USD. Cardano Coin is down 2.17% in the last 24 hours. The trading volumes have decreased significantly over the past day, as the buyers continue to be in short supply in the market. The Volume to Market Cap Ratio stands at 0.02205 for the altcoin and reflects the weak sentiment prevailing in the market.
Cardano Coin has been in a decline for several months, after the altcoin clocked its all-time high of $3.10 in September 2021. The technical indicators for Cardano suggest a strong bearish bias for the medium term as the altcoin is transacting below the 20,50 SMA on the four-hour chart, whilst struggling to attract buyers at the current price levels. If the support level of $0.80 does not hold, the price will sooner or later fall below $0.65, and much lower. On the flip side, the resistance for the altcoin is placed at $0.97 in the event of the bulls staging a comeback.
Long Term View for Cardano Coin
The Relative Strength Index [RSI] for Cardano is currently transacting at 39.05 and points to the graph edging towards the oversold zone. The move towards the lower zone is indicative of the increased selling pressure prevailing in the market. The MACD indicator paints a bearish picture as well, as the MACD and signal line are transacting in the negative zone with the gap widening between the two. The increasing size of the red histograms provides no respite for the bulls either. Hence, the Cardano Coin price is likely to fall in the near term.
Conclusion
The technical indicators for Cardano Coin depict that the altcoin is trading in a downtrend. Unless the buyers negate this selling pressure on high volumes, flipping the bearish trend would be a mounting task for the bulls.
Support: $0.80-$0.65
Resistance: $0.97-$1.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
