Cardano (ADA) Analysis: Cardano’s current neutral rally under the influence of the bears to lose the chance of getting above the $1.5 mark

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  • Cardano is looking for stability after the token managed to recover only 45% of the value lost during the market crash
  • The token’s weekly performance went down by 7.88%
  • The current market price of ADA is near its 24-hour high price mark

Cardano aimed for a gradual bullish trend after the token kept losing its recovery momentum. The token’s current market sentiment appears to be neutral after its current price registered a loss on December 4. The market cap of ADA went up by 10.12%, rounding off at $47.7 billion. The token with a current market rank of 6 saw a downfall in its trading volume by 7.42% in the last 24 hours. The volume to market cap ratio stands at 0.05269. The ADA/BTC pair saw an increment in its value by 4.59% during the intraday session, followed by the ADA/ETH pair with an intraday gain of 2.32%.

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The short-term prospect of the token looks neutral. Cardano has been under bearish influence since the whole quarter, and the chart is full of fake breakouts. It’s better in current times as the token only attempted a gradual uptrend without giving any sudden breakouts with a risk of a sharp decline. The EMA lines are running close and under the current market price candlestick but may soon go over the token if the current trend continues. The formation of an inverted scallop pattern indicates a minor dip, and such occurrence may prove beneficial for day traders. 

Oscillators judgement came out as neutral for Cardano

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The overall market sentiment of Cardano looks bearish. The monthly performance of the token came down by 29.13%. The MACD line is down under the zero level and climbing back up. Therefore, the MACD indicates a neutral trend in continuation. The RSI graph lies perfectly in the neutral zone, indicating investors’ no drastic buying or selling action. 

The resistance is $1.533 and $1.755. The support level is present at $1.203.

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Conclusion- Cardano may continue under the threat of bears for some more time. Till then, its current neutral trend may provide calm to its investors. Intraday investors have the chance to try out their luck, but with due diligence. 

Resistance- $1.533 and $1.755

Support- $1.203

Conclusion- LUNA’s current bullish rally proves to be profitable for day traders as well as those who intended to hold their long positions. The market crash had lesser effects on the token and was dubbed a safe investment.


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