- Cardano price closed the previous day’s trade at INR 86.47 with a market capitalization of INR 3,600 Cr and a circulating supply of 3375 Cr ADA
- The ADA price appears to be poised to plunge by nearly 12% to mark a significant bearish trend ahead
Cardano(ADA) Technical – Analysis for Today: 08 April 2022
The ADA price after a parabolic recovery is swinging within a descending parallel channel implying a clear bearish trend. The prices are expected to consolidate for a while until the strength gets weakened. Further, a price slash may retest the crucial support where-in a tough brawl between the bulls & the bears may be seen.
At present, the price is hovering in between the immediate support and resistance levels, which appear to be pretty decisive. With one wrong move, Cardano may slip down to INR 78 or else hit INR 83 by the end of the day’s trade.
Cardano(ADA) Technical Analysis at a Glance
Cardano prices are setting up consecutive 6-red monthly candles, flipped from the bearish trend, and ended the quarterly trade on a bullish note. However, after a small break, the descending may continue as the price fails to accumulate bullish momentum. However, minor changes of a flip still appear but the strength of the rally is pretty weak which may not uplift the price from the danger zone.
|Short-Term||The ADA price is pretty bearish as the buyers just stepped away paving way for the bears to accomplish their job|
|Mid-Term||A minor possibility of a flip from the bottom is seen, however, setting up an uptrend is completely based on the strength of the buyers|
|Long-Term||The selling has just begun and a significant amount of selling volume is expected to accumulate slashing the price lower|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||53.46 / 52.63||Neutral / Neutral|
|MACD(12,26)||-0.0 / Buy||Sell / Buy|
|Average Directional Index(ADX)||21.79 / 51.94||Buy / Sell|
|Bull-Bear Power||0.007 / -0.04||Buy / Sell|
|Moving Average(MA)-50||INR 82.57||INR 72.72|
|Moving Average(MA)-200||INR 87.12||INR 109.84|
|Resistance||INR 94.04||INR 125.47|
|Average True Range(ATR)||0.0099||0.069|
Cardano price is possessing the possibility of continuing with the bearish trend which was ignited during the previous day’s trade. A very few indicators are neutral but most of them point towards the bearish reversal in both the time frames. And hence despite a couple of flips making their way out, eventually the price appears to be primed to slide down.
At present, the ADA price is testing the crucial levels along with the 50-day MA. Following a rejection from here, the price could plunge hard towards lower support. Or if it manages to surpass these levels, then it may consolidate for a while until a strong bullish momentum accumulates.
ADA/INR Technical Analysis for Short-Term
- ADA price in the short-term is manifesting the possibility of a minor retracement towards the lower support close to INR 75
- After a parabolic move, Cardano had surpassed the crucial resistance at INR 86 but failed to lay down a strong upward momentum and hence visited these levels frequently
- However, the fresh slash pierced through these levels to hit INR 82 from where the price began consolidating slightly towards the north, but woefully formed a bearish flag
- Therefore, as an outcome, the ADA price is expected to breakdown towards the lower support at INR 75 and ignite a strong flip until the weekend
ADA/INR Technical Analysis for Long-Term
- The ADA price still appears to have stuck up in a bearish trend, despite showcasing a strong bullish momentum
- The price attempted to test the immediate resistance but failed miserably and declined to the lower support along the trend line
- However, Cardano may retest the resistance as it is still swinging within an ascending channel and yet to reach the apex of the upward consolidation
- With the current test, the price is expected to pierce through the resistance and attempt to secure levels above INR 125
Additional read: Cardano Price Prediction.
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