- The Cardano coin is consolidating from lower levels near the $ 3.00 psychological level after a strong bull run.
- The price primarily trades on major moving averages of 20, 50, 100 and 200 day lines, while 20 and 50 day lines can provide short term support.
- The ADA / BTC pair is trading at 0.0005832 BTC with a small -0.14% intraday drop, and the ADA / ETH ratio is CMP at 0.0008166 ETH with a heavy intraday loss of -6.18 %.
Cardano Coin on the monthly chart projects some signs of weakness on the higher side as the token faces rejection near the $ 3.00 level. At the same time, the coin cannot break the $ 3.00 psychological hurdle and is facing a retreat from the higher side.
The ADA token is now consolidating near the $ 3.00 mark and if we fail to suppress it we can see some pullback from current levels. Currently, the coin primarily trades on major 20, 50, 100 and 200 day moving averages. In comparison, the 20- and 50-day lines can be viewed as the primary support lines at the lower levels. Volume activity is another major issue for traders or investors who are quieter and need to grow faster for a positive reversal. Support on the lower side is now at $ 2.46 and $ 2.02. At the same time, the resistance on the higher side is around $ 3.00 and $ 3.19.
Cardano coin on the weekly chart is poised to show a bearish trend
Cardano Coin on the weekly chart is poised to show a bearish trend as the token trades near the support line. In contrast, the technical parameters also favor the bears in the short-term trading sessions. In addition, the price of the coin is lower and the volume on the weekly chart is lower, creating uncertainty for both sides. Currently, the Cardano coin is trading at $ 2.75 with a 24 hour loss of -2.09% and the ratio of volume to market cap is 0.06221. However, the medium to long-term trend is still bullish on the monthly charts.
Relative Strength Index (BEARISH): Cardano The coin RSI is indicating a cautious trend on the weekly chart but is now moving towards the lower zone. In contrast, the RSI is trading near the oversold zone after falling from the higher CMP levels at 47.
Moving average convergence divergence (BEARISH): This indicates a bearish trend on the daily chart with a negative crossover. The seller’s line (orange) overwhelms the buyer’s signal line (blue) with no sign of recovery.
Support levels: $ 2.46 and $ 2.02
Resistance Levels: $ 3.00 and $ 3.19.