Cardano (ADA) displays selling momentum as the altcoin failed to move above its latest swing peaks. Moreover, the highs print a double top, a bearish pattern.
- Cardano price retraces lower as the token fails to keep upside momentum.
- A break beneath the ascending trend-line would boost the bearish sentiment.
- The 50-day Exponential Moving Average capped upswings on the 24hr chart.
Cardano Price on Sideways Movements
According to the daily chart, ADA encounters rejection to the descending trend-line from the $1.64. Meanwhile, the altcoin gained 23% to explore the $1.19 highs after creating a dependable support area at $0. 80 – $0.78. That had the crypto breaching the pessimistic slopping line.
However, Cardano buyers appeared unwilling to sustain the gains, triggering price consolidation. Finally, ADA surrendered all gains acquired since 5 April with a 15% decent.
Now, the alternative token sliced the crucial 50-day Exponential Moving Average at $1.05. That reflects the intense selling strength in the altcoin. Keeping the downward actions might mean violating the supply territory stretching between $0.90 and $0. 80.
ADA recovering beyond the 50-day Exponential Moving Average amid surged buy orders would reflect faded selling interest. The initial hurdle to the upside stands at $1.10. Overpowering the obstacle would see the crypto around the 4 April highs near $1.24.
While publishing this content, ADA/USD traded at $1.04, surging nearly 0.36% on the day. The token’s 24hr trading volume stood at $955,507,579 (Coinmarketcap data).
The 4hr chart shows ADA/USD has consolidated since the early sessions of September. Bulls have tried to push the alt beyond resistance at $1.133, but bears ensured stiff opposition. Meanwhile, staying beneath $1.133 will likely translate to extended downswings.
Meanwhile, Cardano’s price outlook shows the altcoin on healthy moves as bears are yet to outshine bulls. The altcoin will likely hover around its current price in the coming hours.
Technical indicators
- Relative Strength index
The daily Relative Strength index maintains a neutral bias at 45. Any downward move by the indicator would strengthen the bearish picture.
- Moving Average Convergence Divergence
The MACD shows an increased bearish sentiment for ADA.
