Cardano [ADA] recently took a tumble to the bear’s kingdom as downward pressure began to exert itself on the price. ADA is just one of the tokens suffering from the bear’s wrath as the cryptocurrency market finds itself in the red zone.
The short-term outlook for Cardano shows that there are two corresponding uptrends seen from $0.068 – $0.076 and $0.073 – $0.082. The downtrend offering resistance to the price can be seen at $0.082 – $0.079 – $0.076. Support levels are visible at $0.068 and $0.075, with a resistance at $0.078.
The RSI is demonstrating a downtrend, as selling pressure has increased since the drop earlier today.
The Relative Vigor Index is demonstrating a bearish crossover.
The Klinger Volume Oscillator is set for a bearish crossover, as seen by the movement of the graph.
A short support uptrend is seen $0.063 – $0.074 – $0.076, with the dominant long-term downtrend seen from $0.37 – $0.081. A support is seen from $0.063, with resistances at $0.1, $0.18 and $0.22.
The Parabolic SAR is bullish, as seen by the presence of the dots under the candlesticks.
The Aroon indicator uptrend is reducing in power, as the downtrend loses a lot of its moving power.
The MACD is demonstrating a bullish crossover, with increasing pressure downwards pushing the indicator downwards.
The price of Cardano seems to be heading closer to the bear’s dimension, with bullish pressure decreasing as the coin sees momentum dying down. Support levels will be tested at $0.068 and $0.075.
Anirudh VK is a full-time journalist at AMBCrypto.