The cryptocurrency market has been very volatile recently. Cardano (ADA) is looking strong in a weak market and made a Doji candle on the four-hour chart. This was followed by an upward movement that broke through the $1.85 resistance level, which could be seen as a bullish sign for ADA/USD trade. Cardano Token price support sits 100-day moving average of $1.35 USD currently and the closing of day candle above 50-DMA will boost the confidence of Bulls.
Cardano Token (ADA) has fallen below the 50-day moving average and holding the 100-DMA, signaling a bearish trend. Now that ADA is beginning to fall below its 50 days moving average it may be in an even weaker position for any potential bullish movements going forward.” “A break of 100-Day moving average level could lead to more losses as traders begin liquidating their holdings and invest elsewhere.”
This means there’s no near-future outlook for now since there are too many other factors involved such as regulation, government involvement, etc. So we need to wait until these issues resolve themselves before expecting anything from crypto markets again.
Technical parameters of Cardano token
Currently, Cardano is trading at $1.52, with a market cap of $48,601,072,251 and an all-time high of $2.46. Cardano has proven its strength in this weak market by making a Doji candle on the daily time frame; which is when it also formed a bullish engulfing signal. Cardano volume jumped above the average line for the first time in over a week. The fact that ADA’s token is starting to regain its popularity after so long shows how resilient it can be even during low periods.
The Relative Strength Index (RSI) has been heading towards the oversold zone and is now in a bearish position. This means that, according to this indicator, Cardano Token may be due to some more selling pressure before it can resume its bullish movement. While RSI is currently below the 50 marks, which indicates an overall downtrend or weak market sentiment.
If we take a look at these longer-term indicators such as MACD and Stochastics Oscillator they’re both well below their respective thresholds indicating further downside risk.
support levels: 1.35 and $1.05
Resistance levels: $1.85 and $2.00