April 17, 2024

Cardano (ADA) Faces Trouble Keeping $1.3 amid Negative Market Sentiment

  • Cardano’s price indicated mixed market sentiment.
  • ADA has a significant resistance level at $1.39.
  • The altcoin’s support sits at $1.25.

Cardano has its price movements revealing the altcoin’s mixed sentiment. The digital crypto gathered momentum and surged from $1.28 to $1.30 while targeting $1.32 before encountering selling strength that halted ADA’s uptrend. For now, bulls face challenges maintaining the alt beyond $1.30 as pressure magnified. Moreover, bears dominate the market, canceling further advancements.

ADA/USD Daily Price Chart – Bulls Weakened for Further Upsurges

Cardano’s daily price chart shows bulls elevated the altcoin above $1.30. However, they fail to move higher amid amplified selling pressure. While writing this content, the alternative coin trades at $1.30. That comes after a 5.8% plunge over the past 24 hours. Moreover, ADA has maintained downtrends over the past week, losing 22.6%. The coin moved with such trends yesterday. The altcoin has had a nominal recovery, and things might turn negative anytime ADA bulls lose market control.

ADA Encounters Challenges Keeping the $1.3 Mark amid Emerging Negative Sentiment

For now, Cardano sees high volatility as Bollinger bands’ upper limit stand at $1.85 while the lower limit sits at $1.23, offering support for the alt. Meanwhile, the bands’ mean average is around $1.54, representing ADA resistance.

The Relative Strength Index hovers around the neutral and oversold zone’s borderline at 30-index, showing inadequate push from either side. However, the low reading by the indicators shows Cardano is under pressure.

Cardano Technicals and Recent Developments

The 4hr chart for ADA indicates that the coin saw an upward breakup today, and bulls activated their actions within the first hours. That came after the altcoin saw downward price actions for about 16 hours. Nevertheless, selling pressure emerged again, ADA moving lower again.

The 4hr chart shows mild volatility as Bollinger bands expand, hinting at increased volatility in the upcoming hours. The upper band stood at $1.47, while the lower at $1.27 represents Cardano’s support. Meanwhile, the indicator’s average line at $1.37 represents the coin’s resistance. The Relative Strength Index moves to the indicator’s curve lower side, showing selling activity. If the selling momentum magnifies, ADA/USD might close in the red area today.

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