- The price of ADA is trading at $0.291.
- The ADA price decreased by 1.7% in the last 24 hours.
- The ADA year-to-date return is +18.09%.
Weekly Trend Analyzation
This week the trend was bullish as the price was up by 11.45%. By trend and price information history, we can say that ADA is performing well.
All-Time History Analyzation
The coin’s value surged by more than 101% in all-time history, giving good returns to the investors’ money.
Chart Analyzation In 1-D Timeframe
Trendline Analyzation
As per the trendline, it is respecting multiple support and resistances very well, taking from the drawn trendline on the chart and between the zones. It was bearish before from the point where it was rejected from the supply zone. But recently it took support from the demand zone. So, as price action speaks, it already took support on the zone and it is trying to sustain and slowly approach the trendline. It can reach $0.322 soon which is the nearest major resistance in the short term. Since resistance is strong in the long term, it might retract back from the levels.
MACD
When the MACD line is below zero, the MACD line crosses above the signal line, it shows that the short-term momentum is stronger which is a bullish sign. Also, in the overall trend, it is an indication that the moving average is below the long-term moving average which indicates that the trend is downward.
EMA
The price is going down on the 1D chart. It is below the 50 & 200 EMA (exponential moving average), which is supporting the trend downwards.
Investors’ sentiments regarding the ADA coin are negative and on the bearish side in the long term. Also, the price stayed below 20 EMA which gives quite an idea that sellers are ready to sell stock at every price. To change the direction, the price has to go up and sustain above all the EMA’s in order. The sellers are stronger than the buyers which highlights a sell signal.
RSI
As we can see in the chart, the RSI line is in a bearish zone i.e., the line trading below the median line. Since the 14 SMA line and RSI line are below the median zone, the market is bearish. The daily time frame chart suggests that the ADA coin is bearish in the longer trend.
Volume Analyzation
The amount of Cardano (ADA) traded in a day is $195,001,255. It rose by 8.30% since the last day. It seems that the trading activity is comparatively good in ADA in the short term and the presence of buyers for the coin increased significantly as well. But, while looking closely at the graph, we observe that there is a lack of momentum in volume to give momentum to the price in the long term. Therefore, it can push the price up in the short term but cannot sustain for a longer period, due to the lack of considerable volume present in the market.
Conclusion
Currently, the technical parameters for the Cardano (ADA) coin indicate bearish pressure in the long trend. The sentiments of investors and traders are bearish.
Technical Levels:
- The Nearest Support Zone is $0.258.
- The Nearest Resistance Zone is $0.322.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
