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Cardano price analysis: Cardano stuck at $1.2656 amid altcoin stagnation.
After the upward surge that saw Cardano rocket from $0.08 to $0.27 in just a few weeks earlier this month, the last few days have seen Cardano price fall quite a bit, with the IOHK-led project struggling to find a floor. With many other altcoins also failing to make much headway against the US dollar, Cardano has been left to fend for itself.
Cardano (ADA) is a crypto that has proven most popular in the Asian market after it was released last year. The coin is currently stuck at an average price of $1.2656 amidst altcoin stagnation, but is still ranked the tenth largest crypto by market capitalization. The average price of Cardano for the past 30 days is $1.2656, while there have only been two days that have seen a downward price movement..
- Cardano price analysis follows major altcoins as stagnation looms large
- ADA/USD pair unable to break out of a tight range
- Cardano price moving within $1.3031 to $1.2023 with little room
Cryptocurrency heat map by Coin360
Cardano price seems to have stuck near the 100-day moving average. Moving within a tight range, the ADA/USD pair is moving within a confined range of $1.30 to $1.20 as bulls and bears clash. There is no clear direction in the hourly charts since the pair opened up to a mixed start. As per Cardano price analysis, the past week saw the ADA price rise around 47 percent and move closer to the 200-day MA.
Bulls are definitely on a cautious mode as the volumes are low. The mixed start to the week means ADA/USD mimics the trajectory of most altcoins moving sideways. ADA price recovered from $1.2110 lows and made a comeback of sorts. However, the relief rally fizzled out, and the pair again crossed over into the negative zone.
Cardano price analysis shows that there is massive support near the $1.20 region. The same is evident from the recent bounce near $1.2023 since the bulls sprung into action here to prevent any further downfall. The critical support at $1.20 also leads to the accumulation phase, where the stagnation can turn into a bullish trend reversal.
Cardano price movement in the last 24 hours: Muted start to the day
As a new week starts, all eyes are on technical signals to prop up the crypto prices. Cardano is no different. However, most technical indicators are not showing any bullish reversal signs. The buyers quickly handled the slight dip towards $1.2110, who took the price towards the middle of the Bollinger Bands near $1.3031.
At the time of writing, the pair is hovering near the $1.2667 level. If any intense selling does kick in, the pair may witness another selloff towards $1.20 support. On the Awesome Oscillator technical indicator, the ADA/USD pair displays a bearish weakness with red bars. Cardano price analysis shows that the mild price fluctuations may also lead to a slow decline towards $1.20 support.
The Bollinger Bands are contracting, which means the price will have less room as it progresses through the day. In the past 24 hours, Cardano price analysis has not shown any concrete movement to either side, signifying that the bulls and the bears are still fighting it out.
ADA/USD 4-hour chart: Bearish outlook dominates charts
Cardano price chart by TradingView
Most technical indicators show that the overall outlook of the charts is negative. The Relative Strength Index is showing a reading of 50, which is right in the neutral zone. Also, the MACD indicator is all mixed up, and there is no clear sign of any crossover. The volume data is also not showing any steep decline or rise.
After a mildly volatile past week, the current ADA price is sitting in a muted zone. Just like other altcoins, the pair is not showing any sharp decline or bullish reversal. The upper side remains capped at $1.400, proving to be a formidable resistance to crack. Any confident close above the $1.40 resistance will bring the $1.6500 level into play, where the sellers are likely to put intense bearish pressure on the pair.
Cardano price analysis conclusion: Bulls and bears await direction
Cardano technical outlook is neutral, which is confusing both sellers and buyers. The attempted breakout near $1.3030 was met with decent selling, thereby neutralizing any trend change pattern. The price action is not allowing the bulls to build volume-based momentum. The gradual decline is leading to a price movement below $1.2500.
Any intense selling spree can take the price below the 200-day MA and close to the psychological support at $1.0030. Cardano price analysis has shown in the past, the extended stagnation phase often leads to a bullish reversal on a medium-term basis.
Read more about Cardano and let us know what you think.
Disclaimer. The information provided is not trading advice. cryprotradingsite.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.In case you have been living under a rock, here is a quick summary of the state of the cryptocurrency market that you may want to know. Bitcoin is once again rising, and that has led to a strong rally in altcoins. Cardano prices have already risen to a 1-month high of $1.2656.. Read more about ethereum 3,800 and let us know what you think.
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