Cardano in the last 16 hours [ADA] has lost 16% of its value. The digital asset has fallen from $ 1.28 to $ 1. Currently, ADA has passed a critical level of support, but market indicators haven’t brought big gains in the short term.
With a market capitalization of $ 33.03 billion, ADA was trading at $ 1.01 at press time.
Cardano [ADA] One hour chart
Cardano’s price has come down within a descending channel. The falling price found support at $ 0.9872 which has kept ADA’s value above $ 1.
The market may need to see price stability before the addet embarks on a recovery path.
Volatility has increased with the divergence of the Bollinger Bands. This increase in volatility is due to the massive sell-off of digital assets. This pushed the signal line across the candlesticks, indicating increased sales of the coin.
This was also highlighted by the relative strength index as it fell into the oversold zone. As the price consolidated between $ 0.98 and $ 1.05, the digital asset moved above the oversold zone as indicated by RSI. Meanwhile, the MACD line crossed the signal line as the price began to crumble. This indicated that the declining market was very active.
The current Cardano market has been volatile, trying to find a level between $ 0.98 and $ 1.05. The bear market has pushed the coin into the consolidation phase which will be important for ADA to find stability above USD 1.
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