HomeCoinsCardano (ADA)Cardano Price Analysis: 19 February

Cardano Price Analysis: 19 February

- Advertisement -


Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Cardano’s price has been consolidating for over a week now, with ADA continuing to trade near the $1 price point. Despite the strong bullish momentum on the charts, however, ADA has had to endure a prolonged period of sideways movement lately.

At the time of writing, the cryptocurrency was trading at $0.91, with ADA registering a market capitalization of over $27 billion. In the last 24 hours, not only did much of its bullish momentum fade, but the market’s bears seemed to creep into the market again as well.

Cardano 1-day chart 

Cardano Price Analysis 19 February

Source: ADA/USD, TradingView

According to its daily chart, ADA’s price lost all the momentum that had fuelled its bull run in the first week of February. The crypto’s price was observed to have consolidated for over a week after having failed to breach its immediate resistance around ADA’s present ATH. This makes it difficult to predict which direction the coin may move in over the coming days. Hence, it is unclear whether traders are likely to benefit from a short or a long position.

However, keeping the overall market trend in mind, it is safe to say that in the coming week’s time, if the coin fails to breach the resistance level, it is likely to head to its immediate support at $0.76. The next strong support level for ADA lay around the $0.38-range, but such a drastic drop in price can be ruled out given the market’s conditions.

Rationale

The technical indicators for ADA seemed to be signaling a trend reversal. While the RSI indicator was in the overbought zone for an extended period, the same was moving away at press time, indicating that the buyers’ market was transforming into a sellers’ market. The same was deduced from the MACD as well. The indicator may soon undergo a bearish crossover since the Signal line was continuing to move towards the falling MACD line.

Conclusion

Despite Cardano’s promising performance at the start of the year, its crypto-market seemed to be lacking in bullish momentum to push the coin above the prized $1-mark and flip its immediate resistance to support. Over the next 7 days, if the resistance level is not breached, then traders can expect a slight price correction to occur as a result of the prolonged period of consolidation.


Sign Up For Our Newsletter




Source link

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,494FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 43,634.00
ethereum
Ethereum (ETH) $ 3,101.66
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 502.65
litecoin
Litecoin (LTC) $ 151.92
eos
EOS (EOS) $ 3.97
okb
OKB (OKB) $ 14.77
tezos
Tezos (XTZ) $ 6.45
leo-token
LEO Token (LEO) $ 2.79
cardano
Cardano (ADA) $ 2.22
monero
Monero (XMR) $ 242.89
stellar
Stellar (XLM) $ 0.278024
chainlink
Chainlink (LINK) $ 24.36
huobi-token
Huobi Token (HT) $ 7.62
tron
TRON (TRX) $ 0.089228
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 162.43
neo
NEO (NEO) $ 38.94
iota
IOTA (MIOTA) $ 1.19
nem
NEM (XEM) $ 0.148992
zcash
Zcash (ZEC) $ 111.50
maker
Maker (MKR) $ 2,387.35
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 47.14
vechain
VeChain (VET) $ 0.091835
true-usd
TrueUSD (TUSD) $ 0.997128
ftx-token
FTX Token (FTT) $ 56.10
kucoin-shares
KuCoin Token (KCS) $ 10.68
waves
Waves (WAVES) $ 24.01