Cardano Consolidates At $0.56, Nearing Crucial Levels Of Trading

Cardano consolidates at $0.56 and it is nearing a crucial level of trading while Bitcoin extended losses so the entire market continued flashing signs of weakness we can see more today in our latest Cardano news.

The one-day chart displayed mixed signals that can mean the coin is could try and head north. Over the past day, ADA gained 1% and was consolidating mostly so in the last week, the coin gained over 22% with buyers in the market trying to show more strengths the coin saw bullish presence In the past week. If the buyers continue to remain in the marekt, ADA could push and trade near-immediate resistance of $0.60 and the price could fluctuate if the sellers regain strength which can make the bears take over the market.

ADA was trading at $0.54 and after surging 22% in the past week, the coin registered mundane price action and the immediate support was set at $0.47 so a fall back below can drag it to $0.40. the overhead price cleaning for ADA rested at $0.62 and for the bulls to gain more power, Cardano has to trade above $0.70 at least. The coin shwoed sideways trading which is a move on that can be anticipated and the volume of the coin was in the green which signifies bullishness.

Cardano consolidates at $0.56 after the recent bloodbath on the market which pushed ADA to fall into the oversold zone. The coin was oversold before in December 2021 but the RSI of the altcoin tried to surge above the half lien which signified bullishness. At press time, the relative strength index noted a small downtick and despite the small downtick, the altcoin was dominated by buyers mostly. In accordance with the same reading, the price of ADA was above 20-SMA and the reading above it means that the buyers are driving the price’s momentum in the market. The buyers returned to the marekt and the MACD index turned positive and flashed green signal bars as the bulls resurfaced in the market. The green bars can be construed as a buy signal.

The incidence of the buy signals on the market agreed with the RSI index. The Chaikin Money Flow which measures capital inflows and outflows showed signs of recovery but there was an increase in capital inflows as well and CME showed a downtick that can be tied to the capital inflows and ADA‘s price still being on the lines of optimism with buyers driving up the momentum.