Cardano [ADA] Bleeds Red As Altcoins Face-Off With Bear
The cryptocurrency market’s slowdown over the past few days has resulted in millions being wiped off in terms of market caps and trading volumes. Bitcoin’s lack of movement may be a reason why other coins are taking a turn in the bear pit. Cardano [ADA] was one of the altcoins in the tumble, falling in double-digit numbers over the past week.
IOHK’s cryptocurrency, hailed as a successor to trading currencies, fell across the board after a stagnant price hold. At press time, ADA was trading for $1.17 with a total market cap of $37.52 billion. The 5th placed cryptocurrency was well ahead of its nearest competitor XRP in terms of trading volume and market cap.
Cardano 1 hour:
Cardano’s hourly performance took quite the tumble as the cryptocurrency fell from highs as much as $1.302. The current immediate support was calculated to be $1.152 after which the price bounced to its current value of $1.171.
According to the Parabolic SAR, ADA was coming out of its bearish slump as the markers stayed below the price candles. Continued buying pressure will be indicated by a prolonged bottom hold by the markers.
The cryptocurrency’s RSI indicator sharply fell below the zero line as more users sold their ADA holdings. Since the start of the month, Cardano has found it difficult to maintain its RSI graph above the zero line for long periods of time. Cardano’s CMF crashed to one of its lowest points of the month with chances for a small revival in the near future.
Cardano 1 day:
Daily performance was slightly different from earlier as Cardano found it difficult to escape the bearish rut. Cardano’s long-term resistance was at $1.17 with the Parabolic SAR markers holding above the price candles since the middle of May.
Cardano’s long-term RSI moved parallel to the oversold zone while hitting one of the lowest levels this year. The CMF skirted on the zero line as the capital influx and the capital leaving the market canceled each other out. Experts believe that continued developments would restore the faith in investors and in turn generate traction for the cryptocurrency.