Cardano [ADA/USD] Technical Analysis: Bear is still king of the market

Cardano [ADA], the eighth-largest cryptocurrency by market cap, took the path down the hill along with all the top 10 coins in the market. The coin has bled more than 10% in the past seven days, hitting the list of the biggest losers.

According to CoinMarketCap, at press time, Cardano was trading at $0.071, with a market cap of over $1 billion. The coin had a trade volume of $23 million and had plunged by more than 5.30% in the past 24 hours.

1-hour:

The seventh-biggest cryptocurrency pictured an immediate resistance at $0.0746 and a strong resistance at $0.0776. The chart demonstrates that the coin has a strong support level at $0.0716

Parabolic SAR was on the bear’s side of the table as the dots had aligned above the candlesticks.

Bollinger Bands were moving away from each other, making more space in the room, depicting that the market is going to be volatile from here on.

The Chaikin Money Flow indicator was also seated next to the bear, as the line was below the 0-mark, showing that the money is out of the market. Nonetheless, it is trying to shift to the bull’s side as the line is slowing going in the upward direction.

1-day:

The cryptocurrency has an immediate resistance at $0.0817. Succeeding which, the bull will have to defeat the strong resistance, which is set at $0.1105, in order to occupy the main seat of the table. The bull will first be supported by $0.0699 price level. It also has a strong support at $0.0634 level.

The MACD indicator showed that it could take a seat next to the bear, as the lines were converging with the moving average choosing the downtrend.

RSI indicator depicted that the buying pressure and the selling pressure of the cryptocurrency are currently evened out.

Klinger Oscillator had made its decision and sat on the bear’s side of the table as the reading line was well below the signal line.

Conclusion

The cryptocurrency seems to have given the main seat of the table to the bear, as the majority of the indicators chose to support the winter animal. This includes Klinger Oscillator and MACD from the one-day chart and Parabolic SAR and CMF from the one-hour chart.