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Cardano Ecosystem

The Market Periodical

08/10/2022

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Cardano price analysis: Are bulls ready to compete with the bears 

Cardano has eventually started to gain some upward momentum. But the bears have got into a losing battle  The current price of ADA is approx $0.5154 it has decreased by 3.58% during the intraday trading session The pair of...

Cardano price analysis: Are bulls ready to compete with the bears 
  • Cardano has eventually started to gain some upward momentum. But the bears have got into a losing battle 
  • The current price of ADA is approx $0.5154 it has decreased by 3.58% during the intraday trading session
  • The pair of ADA/BTC is around 0.00002224 BTC with a total dropped by 0.86% in the last 24 

The Cardano is continuing to acquire some downward momentum, reversing the bullish trend. The bears’ strategies are this time making them more attractive to their targeted goals, despite the bull’s best attempts to maintain the upward trend. Investors keep a close watch on the Cardano as it approaches its upward momentum. We must now wait and watch and see what the bear does next. Will the bullish trend sustain, or will the bears drag ADA’s price to bull targets?

The current price of Cardano is surfing around $0.5154 it has decreased by 3.58% during the intraday trading session. The pair of ADA/BTC is approximately at 0.00002224 BTC with a total dropped by 0.86% in the last 24 hours. With the downward momentum in ADA price, this time the bears have a strong strategy for the coin and the price of the coin is heading towards their desired goals. The bulls should pull up their socks to beat the bears and reach desired targets and regain the bullish trend. The bearish trend may be the price towards the primary support of approx $0.495 if the bulls don’t get in action it will be so easy for the bears to take the price of the token to its secondary support of $0.466 and the bearish trend will continue. And if bulls try to bring upward momentum then it may reach up to the primary resistance of approx  $0.539 and the price may reach upto secondary resistance of  $0.643.

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In the last 24 hours, the coin’s volume has dropped by 17.19%. The consistent decline in volume shows that short-selling pressure is rising, and if the current bullish trend continues, investors will have the opportunity to enter trades. The whales would begin to move if the bears continued to be frozen. This suggests that bears are attempting to enter the trade the conclusion will specify whether bulls or bears succeed. ADA  has a volume to market cap ratio of 0.03739.

The technical indicator shows the following: The relative strength index is getting close to being overbought. The current RSI, which is 53.87 is lower than the average RSI, which is 55.37. Bulls put a lot of effort into pushing the RSI towards the overbought region. The bears’ lack of consistency, however, gave the bulls a window to get ready for their ambitions and pushed the RSI into the overbought region. To neutralize the RSI, the bears must do some more effort. The price of the coin is still higher than the 20,50,100 Daily Moving Average. And is still lagging behind 200 Estimated Moving Average  Investors of ADA are dependent on the bulls to carry on their hopes forward. The bullish trend, though, is boosting investors’ hopes.

Technical Levels

Support Levels:$0.495and $0.466

Resistance Levels: $0.539 and$0.643

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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