ADA Coin Analysis: Cardano Coin Heading Towards Demand Zone, After Minor Pullback
Cardano coin is witnessing selling pressure from the higher side while testing the demand zone or support zone on the lower side. The price is trading above all vital moving averages of 20, 50, 100 and 200-day lines, whereas...
- Cardano coin is witnessing selling pressure from the higher side while testing the demand zone or support zone on the lower side.
- The price is trading above all vital moving averages of 20, 50, 100 and 200-day lines, whereas 20 and 50-day lines can give support in the short term.
- The pair of ADA/BTC is trading at 0.00005456 BTC with an intraday drop of -4.84%, and the ratio of ADA/ETH is CMP at 0.0008317 ETH with an intraday loss of -3.81%.
tradingviewThe Cardano coin at the monthly chart showcases some signs of weakness, as the token is facing rejection near the $3.00 mark. At the same time, the coin fails to break the psychological hurdle of $3.00 levels and faces a pullback from the higher side.
ADA token is now heading lower towards the support zone, from where we can see bounceback in upcoming trading sessions. Currently, the coin is trading above all vital moving averages of 20, 50, 100 and 200-day lines. In comparison, 20 and 50-day lines can be considered as primary support lines on the lower levels. Volume activity at the monthly chart is slightly increased but needs to grow more for good reversal. Support on the lower side is now at $2.24 and $1.84. At the same time, resistance on the higher side is around $3.00 and $3.12.
Cardano coin is projecting a slightly bearish trend as the token faces minor rejection
tradingviewAt the weekly chart, the Cardano coin is projecting a slightly bearish trend as the token faces minor rejection from the higher levels. The technical parameters are also favouring the bears in the short term trading sessions. Moreover, the coin heading is lower, and the volume on the weekly chart is lower, which needs to improve. Presently, the Cardano coin is trading at $2.63 with a 24-hour loss of -3.89%, and the volume to market cap ratio is 0.08022.
Relative Strength Index (CAUTION): Cardano coin RSI indicates a caution trend over the weekly chart but is now heading towards the lower zone. In contrast, the RSI trades near the oversold zone after falling from the higher levels CMP at 48.
Moving Average Convergence Divergence (CAUTION): This indicates a caution on the daily chart with a negative crossover. The seller’s line (orange) is overpowering the buyer’s signal line (blue), with no sign of clear momentum.
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