Market Analysis

Cardano [ADA/USD] Technical Analysis: Short rally shifting markets to test resistances, as supports hold

from Amb Crypto 5 years ago 0 0 648

Cardano [ADA] has recently been facing continued sideways movement as the price exhibits no swings. It is also resting on one of its most crucial support levels, with a short rally seeming to materialize as the price begins to move upwards.

1 hour:

The short-term outlook for Cardano shows a short support uptrend from $0.068 – $0.071, with a dominant long term downtrend extending from $0.076 – $0.068. Another downtrend is seen from $0.073 – $0.071, with resistances at $0.072, $0.075 and $0.078. A support level is visible at $0.068.

The Chaikin Money Flow Indicator is demonstrating a short uptrend, staying in the positive zone and maintaining a bullish signal.

The Relative Vigor Index is trending up and is set for a bullish crossover.

1 day:

There is no visible uptrend in the long term, with the price moving downwards as seen by the movement from $0.371 – $0.072. Resistances are set at $0.10, $0.18, $0.226 and $0.292, with a lone support at $0.063.

The Aroon indicator shows that the current downtrend is very powerful. The uptrend is weak, with a recent uptick.

The MACD is demonstrating a bearish crossover.

The Parabolic SAR is bearish, as seen by the presence of the dots under the candlesticks.

Conclusion:

The coin seems to be primed for upwards movement in the short term, with momentum tending to peter off as time passes. The most immediate resistances are set to be tested.