Cardano price action for the past week has failed to break above the $1.40 mark and ADA price has fallen back to just below the $1.20 mark. While the price at press time holds above the $1.15 mark, the bearish pressure is very strong and the price may continue to fall if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a 7.27 and a 2.72 percent decrease respectively. Meanwhile, Bitcoin and Ethereum record a 2.27 and a 2.94 percent decrease respectively
Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator saw a bearish reversal at 4 am today ,since then bearish pressure is increasing steadily and at press time is just below the -0.0300 mark. Across the EMAs, the 26-EMAis trading above the 12-EMA with an extremely smooth slope and continues diverging while both EMAs fall.
The RSI is currently trading in the oversold region issuing a strong sell signal as the indicator trades just above the 28.00 mark. The indicator started trading in the oversold region recently with the bearish momentum only increasing in recent hours giving an extremely high sell signal for Cardano price
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 strong sell signal with 17 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, zero indicators issue buy signals suggesting bullish momentum. Meanwhile, nine 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 14 of the 26 indicators suggesting a bearish movement against only two indicators that suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
Traders can expect Cardano price to continue to fall to $1.15 or further below considering the bearish sentiment of today’s market ,the low price volatility of Cardano price and the fact that the short term and long term indicators are issuing a heavy bearish trend.However traders can expect a bullish rally from Cardano price after it it hits its support level of $1.15 which may help it to challenge the $1.20 mark or even the $1.30 mark again.
This post was last modified on July 16, 2021 2:25 pm
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