Cardano Can Expect A Reversal If Bulls Defend This Price Zone
2023年2月27日 - 1:30PM
NEWSBTC
It has not been a good week for Cardano, as the price dipped by 11%
during that time. At the moment, ADA is consolidating on its price
chart. Over the last 24 hours, ADA depreciated slightly by 0.2%,
thereby confirming lateral trading on the chart. Although the
Cardano price is moving south, the altcoin seems to slow down its
losses. The technical outlook of the altcoin maintained a bearish
structure as the coin was still struggling to recover from its
weekly loss. Demand for the altcoins declined, as did accumulation.
Related Reading: MATIC Could Offer A Rally If It Breaches This
Resistance Level Bulls still have a chance to reverse the price
action, provided the altcoin manages to trade above a particular
price zone. With Bitcoin losing its bullish strength over the past
few days and entering the $23,000 zone, most altcoins have
travelled south on their respective charts. For ADA bulls to
return, broader market strength is still required. The market
capitalization for ADA fell, which indicated increased selling
pressure in the market. Cardano Price Analysis: One-Day Chart ADA
was trading at $0.361 at the time of writing. In the past week, the
coin lost an important support level of $0.363. Overhead resistance
for the coin stood at $0.384, and moving above that mark will push
ADA to trade near $0.401. As the altcoin continues to display
higher highs and lower lows, it can be confirmed that the overall
structure of the asset is bearish. If the bulls manage to break
past the $0.360 zone, then the price might note a recovery or
reversal. The closest support line for the altcoin stood at $0.331.
The amount of Cardano traded in the last session declined, which
indicated increased selling strength. Technical Analysis ADA has
been correcting itself ever since it visited the overbought zone at
the beginning of this year. Buying strength had tried to recover in
February, but the bulls gave up. The Relative Strength Index fell
below the 50-mark, which meant that sellers outnumbered buyers at
the time of writing. On the same note, the ADA price fell below the
20-Simple Moving Average (SMA) line as sellers were driving the
price momentum in the market. If the price moves above the $0.360
zone, then Cardano might attempt to rise above the 20-SMA line,
which would cause a possible price recovery. In accordance with the
other technical indicators, the Awesome Oscillator, which indicates
the price momentum, was also negative. The indicator formed red
signal bars, which were sell signals for the altcoin. Related
Reading: Bitcoin Price Cracks Below $23,000, Drags Other Major
Cryptos With It This indicates that the price of the asset could
dip further. Bollinger Bands measure price volatility and
fluctuation. The bands remained parallel and wide; this meant that
the asset might trade within that range with possible price
fluctuation. Featured Image From UnSplash, Charts From TradingView
Cardano (COIN:ADAUSD)
過去 株価チャート
から 3 2024 まで 4 2024
Cardano (COIN:ADAUSD)
過去 株価チャート
から 4 2023 まで 4 2024