Cardano [ADA] Price Analysis: Token meandering in the bear zone

The eleventh-ranked cryptocurrency on the CoinMarketCap, Cardano [ADA] has been following a bearish path since last week despite a momentary high during the late January 31. ADA has exhibited no significant breakthroughs lately.

At the time of writing, the digital coin witnessed a brief stretch in its valuation early Tuesday. The market cap held by ADA has been recorded at $990.5 million, priced at $0.038. The volume of ADA traded in the past 24 hours accounted for $14.08 million, with a slim surge of 0.14% in its valuation after a continued decline.

ADA has been struggling to transcend the resistance of $0.040 and has further slipped down below its support level of $0.038 on Monday evening. The coin opened at a high of $0.038 and closed at low at $0.037.

The pair ADA/USD has been trending at ZBG, holding a trading volume of $8.91 million, priced at $0.038. In Binance, the pairs ADA/BTC and ADA/USDT have been ranking at second and third position respectively with a trading volume of $2.39 million and $2.24 million, valued at $0.037 and $0.038 respectively.

1-hour:

Source: Trading View

ADA witnessed a lift from $0.037 to $0.038 and a slump from $0.040 to $0.038. The resistance was marked at $0.040 and the support at $0.037

The expanding Bollinger Bands indicate an increase in price volatility of ADA for the period.

The lines gradually turning red in Awesome Indicator, implying a bullish path for the crypto-coin.

The Chaikin Money Flow graph shooting above the zero-line suggests money flowing into the market and hence a bullish phase for ADA.

1-day:

Cardano [ADA] Price Analysis: Token meandering in the bear zone

Source: Trading view

During this period, an upward trend witnessed by ADA has been recorded from $0.030 to $0.040 and a massive downward trend of $0.076 to $0.047. The resistance for this phase is marked at $0.046 and a support is marked at $0.035.

The dotted lines aligned above the candles in the Parabolic SAR indicator to mark a bearish trend for the coin.

Further, the signal line on top of the MACD line depicts a bearish trend.

The reading line below the signal line in Klinger Oscillator also suggests a bearish pattern.

Conclusion:

The AO and CMF graph suggests a possible bullish market trend for the coin, however, the indicators – Parabolic SAR, MACD and KO side with the bear.

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