- Cardano coin looks strong in the top digital assets, whereas the whole crypto market is facing a strong sell-off for the past few weeks
- The token is trading above the vital moving average of 200-day; while, facing a strong rejection of 20 and 100-DMA in the short term
- The pair of ADA/BTC is facing a minor selloff of -1.18% standing at 0.0000395 BTC; while the ratio of ADA/ETH is trading with an intraday loss of -2.17% at 0.0006936 ETH
Cardano coin has proven its strength in the massive dump or bearish global crypto market sentiment. Whereas, the digital asset is struggling near the 100-Day moving average and is currently holding a vital moving average of 200-DMA.
Moreover, the token is also facing minor resistance on the higher side of the 20 and 100-DMA lines. The closing of day candle above the moving average of 20, 50, and 100-DMA will again push more buyers in upcoming trading sessions. Volume over the monthly chart is near the average line and needs to improve in upcoming trading sessions. Support on the lower side is at $1.10 and $1.00; whereas, the resistance on the higher side is at $1.40 and $1.60.
Cardano Coin is facing a Strong Downtrend in the short term time horizon
Over the weekly chart, the Cardano coin is facing a strong downtrend in the short-term time horizon. Whereas, the technical parameters are presently indicating short-term pullback in upcoming trading sessions. Similarly, the volume is also near the average line and needs to improve for a positive breakout. Presently the coin is trading at $1.25 levels with an intraday loss of -5.14% and the volume/market cap ratio at 0.1055.
Relative Strength Index (BULLISH): Cardano coin RSI presently projects bullish or positive over the weekly chart. In contrast, the RSI is heading towards the overbought zone after a healthy correction from higher-level CMP at 45.
Moving Average Convergence Divergence (MIXED) currently indicates a mixed trend on the daily chart. This is because the buyer’s signal line (green) and the seller’s line (red) overlap.
Support levels: $1.10 and $1.00
Resistance levels: $1.40 and $1.60.