After finally climbing past the $1.84 mark, Cardano price failed to continue its bullish rally and the price has dropped to just below $1.45.While the price at press time holds just below $1.45, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.
Across the broader cryptocurrency market, the last 24 hours has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and Dogecoin that record a 3.71 and a 2.31 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.02 and a 2.12 percent hike.
Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator did dip into the bearish region on June 11th, but has grown bullish again and oscillates around the -0.04 mark. Across the EMAs, the 12-EMAis trading above the 26-EMA with a high slope and continues diverging while both EMAs rise.
The RSI broke out of the oversold region yesterday and is currently in the neutral zone. The indicator at press time trades just above the 40.00mark and moves downwards suggesting a bearish presence at the current price level. However, the RSI trades with a low slope suggesting low bearish momentum as the buyers appear to be fighting back.
The Bollinger bands are currently wide but will converge rapidly in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Cardano price in the short term. Moreover, as the price is consolidating below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks
Overall the 4-hour technical analysis issues a sell signal with 13 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only three indicators issue buy signals suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 11 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
Traders should expect Cardano price to continue to fall towards its support level of $1.39 or even beyond that to $1.35 considering the low price volatility of Cardano price and the bearish nature of the bollinger bands .The short term and midterm indicators also compliment this and describe an increasing bearish trend for the Cardano price.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on June 13, 2021 9:51 am
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