Even as hints of decoupling emerged, the prices of Bitcoin [BTC] and the altcoin troop along with Cardano [ADA] jumped as the week dawned and were trading with gains. ADA remained in the spotlight as Goguen phase development continued which had translated into positive price movement, Despite the latest upward price movement, the fifth-largest crypto-asset was still down by 10.74% over the past week.
Meanwhile, the crypto market was riddled with stale price action over the past couple of weeks, and Cardano was among the few assets that had averted a major crisis.
Over the past 24-hours, Cardano [ADA] appreciated by 5.18% which pushed its price to $1.53. At the time of writing, the digital asset registered a market cap of billion and a 24-hour trading volume of billion.
Cardano [ADA] Daily Price Chart:
The volatility in the market has taken a considerable hit as Cardano [ADA] continued trading within a tight range for a month. The upsloping moving averages gave stiff competition to the price candles. While the 50 DMA [Pink] continued to resist an uptrend, the 100 DMA [Yellow] supported the crypto from downward price action. Hence, ADA needs to move above the 50 DMA to lock a bullish trend in the near term.
The low volume may, however, impede the much-needed growth to break the rangebound movement by ADA.
The MACD was in a bearish territory depicting a phase of low buying demand in the coin market. A similar trend was also depicted by the RSI which struggled to make headway above the 50-median line suggesting heightened sell pressure in the market. The Chaikin Money Flow [CMF], on the other hand, stayed above the half-line depicting a constant inflow of capital into the ADA market.
The above charts projected increasing bearish pressure in Cardano’s price action. If the candles fail to rise above the 50 DMA, the bulls will try to sink the price to immediate support levels of $1.31, and $1.02 respectively. The overhead resistance points remained untouched $1.84, and $2.304 respectively.