Bears emerge stronger than ever in Cardano’s [ADA] market

Despite a slight dip in the overall market cap of the crypto-verse, assets like Cardano [ADA], Binance Coin [BNB], and Solana [SOL] were seen hiking to the top. All these assets had certainly improved in ranking.

Moving over to the price aspect, the term “volatility” was written all over the crypto market. These last few days have been quite a rollercoaster ride for the crypto-verse. From coins hitting an all-time high to losing all their gains in no time, the market seemed distorted.

After hitting an all-time high of $66K, Bitcoin [BTC] decided to step away from the limelight and slid down to $60K. Ethereum [ETH] mirrored this emotion as it dipped below $4K.

Cardano [ADA] was a mere spectator of the latest bullish rally. The asset did not lose or gain a lot. The asset achieved a milestone of $3.10 about two months ago and ADA eventually plummeted down to $2. During the time of writing, Cardano [ADA] was trading for $2.15 with a 1.75% change in the last 24-hours.

The market cap of Cardano encountered major fluctuations over the last couple of months. From barely staying in the top 10 to moving all the way into the top 5, ADA made its community proud. At press time, ADA stood as the fourth-largest cryptocurrency with a market cap of $70.6 billion.

Cardano [ADA] one-hour price chart on Binance

Bears emerge stronger than ever in Cardano's [ADA] market 3

The short-term price chart of ADA entailed both the bulls and the bears. The Awesome Oscillator indicator was visibly inclined towards the bear as it dropped red closing bars. The Chaikin Money Flow [CMF] indicator had just risen over the zero median. The CMF marker was sitting in the bullish arena further restoring hope into the ADA market.

The sellers were all over the ADA market, the Relative Strength Index [RSI] indicator announced. The RSI marker remained underneath the 50 median in the seller’s arena. However, the marker was pointed upwards possibly hinting at a reversal in trend.