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Sandeep Kumar Mishra
Nov 15, 2022
by Sandeep Kumar Mishra

ADA Technical Analysis: Cardano Struggle to Maintain Bull Cycle 

ADA Technical Analysis
The ADA technical analysis exhibits a short-term upward trend despite low demand among traders due to uncertainty in the market with RSI moving sideways. 

After hitting its 22-month-low of $0.3179, the price of Cardano (ADA) has surged by 1.83 % over the past 24 hours. At the current price of $0.3388, ADA price action displays a reversal rally challenging the 50-day SMA. During today’s early trading hours, the ADA price broke the support level of $0.3279 and made another support at $0.3211. However, the price action bounced back to make resistance at $0.3407, but could not sustain the mark of $0.34. Still, the daily chart exhibits an uptrend with multiple low-price rejection candles. The 1.67% surge in ADA’s market cap to 11.7 billion, supports the bull cycle, while the 31.23% decline in trading volume shows the sluggish response from buyers and sellers. 

Key Points

  • Prices auction display a bullish reversal challenging the 50-day SMA

  • An upsloping resistance trendline bolsters the ongoing uptrend.

  • The intraday trading volume in ADA is $356.0 million 

    • ADA Technical Analysis 

    Last week’s bearish sentiments took the ADA to its 22-month low which accounts for a 12.34% drop in the past 7 days. However, the coin made a remarkable comeback by breaking the crucial resistance of $0.3349. With several low price rejections, the trendline also confirms the bullish reversal with a recovery rally taking the price towards another breakout. The price line challenging the 50-day SMA also reflects bull is around the corner. If the performance persists, ADA may cross the $0.3407 resistance, whereas if prices start to decline ADA may fall below $0.30.

    Technical Indicators

    After jumping above the 50% level, RSI dives down along the neutral zone teasing a bearish divergence. The bullish histogram with MACD moving along the halfway line above the signal line making a bullish crossover indicates towards buying opportunity for the traders, 

    Although ADA witnessed signs of a reversal rally, technical indicators display a sideways uptrend as buyers are expected to get entry upcountry at a potential bearish breakout 

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    ADA Technical Analysis: Cardano Struggle to Maintain Bull Cycle 
    Sandeep Kumar Mishra
    Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.