Thursday, October 28, 2021
Home Crypto News Analysis Cardano Price Analysis: Cardano Is Consolidation But Overall Market Is Becoming Bearish-Important...

Cardano Price Analysis: Cardano Is Consolidation But Overall Market Is Becoming Bearish-Important Levels To Watch

- Advertisement -

As Bitcoin consolidates, altcoins like Cardano may also enter a consolidation phase soon. A break of nearly 20% pushed the ADA price towards $1.64, but after some corrections it was trading again at $1.50.


Cadano may continue to trade at this level for a while, but the market is becoming bearish.

cardano technical analysis 17-6-21

When the ADA price climbed to $1.64, local resistance did not allow the price to break this level. As trading remained limited between $1.50 and $1.64, most of the traders were keen to sell until the next fall.

Read: Nasdaq Admire Cardano As “By The People, For The People” Type Of Currency

There is an ongoing trend reversal in Cradano Market. The Stochastic RSI blue line is crossing the red signal line, which mean that selling pressure on ADA is increasing. Once the crossover is confirmed, the price could be lowered to $1.38.

Read: How Cardano Blockchain Is Changing Everyday Life

Meanwhile, the MACD indicator showed that the ADA is at the end of a bearish trend in early June. Currently MACD indicates that buyers are trying to hold the price and $1.50 support, to start a consolidation phase.

 

Read: Cardano Marketcap Ahead of Coinbase And Roblox, Behind Vodafone Only by $0.9B

The 25 and 50 day moving averages are above the daily price candles, giving strong resistance to ADA price. If these moving averages continue to act as resistance and more buyers don’t come in soon, the price could drop to $1.39.

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Shiba Inu Surpasses Dogecoin For The First Time Ever, Shib Becomes First Meme Token To Live Up To The ‘DOGE Killer’ Title

Shiba Inu is now officially the biggest canine coin after surpassing Dogecoin. window.coinzilla_display = window.coinzilla_display || ; ...

MoneyTree Announces the Launch of its NFT Store on Lootex

London, England / October 27, 2021 / MoneyTree, a truly deflationary and fully decentralized gaming token, announced the launch of its NFT store on...

Dubai Financial Regulator Approves Bitcoin Fund Which Is First Registered Product Of Its Kind In The Middle East

Launched by Canadian firm 3iQ Digital Asset Management, the Bitcoin Fund (QBTCu.TO) is the first registered product of its kind in the Middle East.

DOGE Lost Its 9th Position & Slips to 10th By Means of Market Capitalization, Is DOGE Going to Dump and SHIB Going to Pump?

USD Coin (USDC) has just surpassed doge by means of market capitalization. DOGE is standing at $31,026,080,066. ...

TurboXBT Is Introducing Short-Term Synthetic Digital Asset Trading

TurboXBT is delighted to introduce a next-generation cryptocurrency trading experience for both professional and beginner users. By leveraging short-term contracts of synthetic assets in...

Brazilian Giant 99 To Enable Bitcoin Trading On Their 99Pay App

Coindesk report Brazilian 99Pay wallet users will be able to make commission-free transactions in bitcoin. Read: FDIC Chairwoman Says US Regulators Are Exploring Policies For...

Tiki Token is waiting for you – Get it for automatic BNB Rewards

Let’s get things straight.  There are over 10,000 cryptocurrencies out there, at least according to Planet Crypto. But let’s be honest, most of them are...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.