Cardano [ADA/USD] Technical Analysis: Majority signs pointing towards green trend for cryptocurrency

The cryptocurrency market has turned its green lights on to look good for the bull. ADA, the ninth largest coin across the board is also shining green at the time of writing and is up by 3.17%. At press time, the token was trading at $0.047 with a market cap of $1.2 billion. The 24-hour trading volume was recorded at $47.5 million.

1-hour:

ADAUSD 1-hour candlesticks | Source: tradingview

This timeline of ADA candlesticks is seeing a downtrend that extends from $0.062 to $0.048 whereas the support is currently set $0.044. The trendline is forming a descending triangle with the support to project a bear’s presence in the market.

The Parabolic SAR is bearish on the ADA price as the dots of the indicator have swarmed above the candlesticks to pressurize the prices.

The Awesome Oscillator is bullish on the cryptocurrency as of now. The bars are still glowing green to encourage the bull rule.

The Relative Vigor Index is also bullish on the coin as the RVGI line made a bullish crossover by the signal. However, the indicator might execute a bearish crossover as it has made contact with the signal to do so.

1-day:

ADAUSD 1-day candlesticks | Source: tradingview

In the 1-day scenario, the downtrend is ranging from $0.162 to $0.081 while the support is suspended at $0.045. The trendline is forming a descending triangle with the support point, similar to the above case.

The Chaikin Money Flow is bullish on the ADA market. This can be observed as the reading line is headed upwards after bouncing up from the 0-line.

The Klinger Oscillator does not agree with the above as it has made a bearish crossover by the signal.

Conclusion:

The technical analysis is suggestive of either a sideways or a highly volatile market for the cryptocurrency wherein the bull is more in control of the price trend.


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