Cardano [ADA] Price Analysis: Token’s future lurking in bear zone
All the leading cryptocurrencies listed on the CoinMarketCap have been treading in a bearish path. The twelfth largest digital coin, Cardano [ADA] has not been spared by the protract of the bear market.
At the time of writing, ADA held a market cap of $941.2 million, valued at $0.038. The volume of the coin traded accounted for $14.89 million with a depreciation of 4.14%.
As recorded for February 6, the crypto-coin opened at $0.037. The high was registered at $0.038 and closed at a low of $0.037 for the day. The total volume of ADA traded was $13.3 million.
The coin has failed to retract to a market cap of $1 billion and has not surpassed a cap of $980 million since February 2. During the week, ADA noted considerable fluctuations, the lowest being recorded during the early hours of Tuesday, followed by a short-lived rally later that evening.
ADA showed a promising trend during early this year with a valuation as high as $0.049. The coin has not recovered yet from its resistance of $0.40.
Source | Trading View
An upward trend for the time period of 1-hour has been registered from $0.037 to $0.038 and a downtrend at $0.038 from $0.039. The immediate resistance for ADA is marked at $0.038 and that of support at $0.035, close to the where the price of the coin is currently trending.
Bollinger Bands: The diverging Bollinger Bands indicate a decline in volatility in the price trend of the coin ADA.
MACD: The MACD line treading below the signal line which suggest a bearish pattern followed by the coin. However, ADA might potentially undergo a bullish cross-over.
Chaikin Money Flow: The CMF graph is below the zero-line indicating a bearish pattern for ADA.
Source | Trading View
ADA witnessed an uptrend of $0.029 to $0.039 and a major downtrend from $0.081 to $0.037. The resistance for this time period for ADA has been marked at $0.040 and the immediate support at $0.036.
Parabolic SAR: The dotted lines in this indicator are aligned above the candles, depicting bearish price momentum.
Awesome Oscillator: The red lines in AO further predict a bearish trend for the coin.’
Klinger Oscillator: The signal line is above the reading line in the KO indicator, suggesting a bearish pattern.
Apart from BB’s prediction of a decrease in price volatility and a potential bullish cross-over by the MACD indicator, ADA’s future seems to be further drifting in bear’s realm.
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