Cardano [ADA] bounces back with daily gains of 10%

After a massive drop, almost every coin was seen bouncing back to its normal state. Cardano [ADA] was surging faster than all the other assets. The entire market witnessed a significant plummet which even pushed Bitcoin [BTC] down below $40K, for the first time in several weeks.

During press time, BTC was on its way to recovery as it was priced at $43K. The king coin’s market cap also nosedived below $900 billion. This further impacted the overall market cap of the crypto-verse. Ethereum [ETH] was trading for $3K. The persistence of bears could further push the asset below its current number.

Cardano [ADA] had major fluctuations with regard to its price. The altcoin rose up to a high of $3. However, the bears pushed the asset down back to $2. At the time of writing, ADA was trading for $2.19 with a 5.10% surge over the last 24-hours. The previous seven days didn’t go as planned for the asset as it slipped down by 8%.

The market cap of the asset surged to a high of $70.7 billion. Cardano noted significant transformation as it climbed up the crypto ladder. Currently, ADA surged to the third-largest cryptocurrency. Binance Coin [BNB] wasn’t too far off as it was at $68 billion.

Cardano [ADA] one-day price chart on Binance

The one-day price chart of ADA suggested that the coin wouldn’t be garnering gains for a while. The MACD line dipped below the signal line which further formed a bearish crossover. This bearish crossover could persist considering the disparity between the lines. The Chaikin Money Flow [CMF] indicator dropped down below the zero median to the bearish zone. All these signs pointed towards the bear and ADA could remain in its current state or even drop below $2.

The Relative Strength Index [RSI] indicator revealed that ADA slipped into the sellers’ zone.