Cardano is currently trading at $0.82.
ADA trading volume has increased by over 90%.
The cryptocurrency market capitalization has stabilized at around $3.78 trillion, with most tokens declining. Bitcoin (BTC), the largest asset, is losing momentum, trading below $110,000, while Ethereum (ETH), the largest altcoin, is trading down at $4,400. Among altcoins, Cardano (ADA) has recorded a decrease of over 0.12%.
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The asset opened its daily trading at $0.82. With downward pressure, the price dropped to a low of $0.7964. Later, after a brief upward period, ADA rose to a high of $0.8427. At the time of writing this report, the price of Cardano was trading at around $0.8211, according to CMC data.
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It is worth noting that the market capitalization of the asset remains at $29.26 billion, with its daily trading volume increasing by over 90.59% to reach $1.28 billion. Additionally, the market witnessed a liquidation of $3.31 million from Cardano over the past 24 hours, according to CoinGlass data.
Furthermore, Ali's chart shows that Cardano is trading in an ascending channel. The asset needs to break the resistance level at $0.88 to confirm bullish momentum. If it breaks, the price could rise to $1, then reach $1.20, a key Fibonacci extension. Should ADA fail, it may retest the support level at $0.76-$0.78 before attempting to break it again.
Do the bullish or bearish forecasts for Cardano prevail?
Both the moving average convergence divergence line and the signal line for Cardano are below the zero line, indicating overall bearish momentum. However, the presence of the MACD line above the signal line suggests a waning downtrend, and there might be a short-term bullish crossover.
Moreover, the Chaikin Money Flow (CMF) for ADA is 0.04, indicating slight buying pressure in the market, with weak capital inflow. The value is positive but close to zero – neutral to positive, not strong enough to confirm an upward trend.
The daily Relative Strength Index (RSI) for Cardano at 45.25 indicates neutral momentum, showing no strong buying or selling pressure. Any rise above the 50 level could indicate increasing bullish momentum, while a drop below 40 could indicate increasing bearish momentum. Furthermore, the Bull Bear Power (BBP) value of 0.0152 indicates bullish trend dominance. With weak strength, the price direction could change rapidly.
If the bullish trend for ADA continues, the price could rise and face the initial resistance level at $0.8218. Further upward correction pressure could lead to a golden crossover, and the price may rise above the range of $0.8225.
Assuming the price of Cardano reflects, short sellers may push the price down, testing the support level at around $0.8204. Further downward correction could bring about a death cross, potentially driving the price towards its previous lows below $0.8197.
