CryptoSignals News
Join our Telegram

Cardano (ADA/USDT) Struggles With Resistance Amid Market Pressure

Estimated Reading Time: 3 minutes

Article Rating:
Based on 1 vote
Login to rate this article.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

Cardano (ADA/USDT) Struggles With Resistance Amid Market Pressure

The market for Cardano against Tether over the last 24 hours has ticked up by 0.24%. However, the candlestick pattern remains rather bearish despite the bulls’ efforts, as market participants scramble for dominance above the $0.400 support level.

At the moment, the Bollinger Bands seem to be displaying a bearish signal, tilting slightly to the south, while the Stochastic RSI suggests a mild pullback from the overbought region on the daily chart.

Currently, Cardano trades at $0.4265 with more than 42.6 million daily volumes.

Cardano (ADA/USDT) Struggles With Resistance Amid Market Pressure
ADA/USDT-Daily Chart

Technical Indicators

Major Resistance Levels: $0.4622, $0.4668, and $0.5000

Major Support Levels: $0.3951, $0.3915, and $0.3820

Technical Analysis

Technically, Cardano against Tether on the daily chart appears to be hanging around a key level. The price at the moment seems to be trading near the mid-dynamic band, indicating potential for a reversal if the price suspend above the current level. However, the convergence of the bands suggests the price may continue to oscillate at the current level before further downside movement if the bulls fail to take the current opportunity.

On the other hand, the Stochastic RSI is near the overbought zone (72.18), indicating that the pair might face a short-term pullback if the momentum weakens. To this end, if the bulls fail to provide buying momentum to push the price higher, a fall below $0.4000 would signal a continued downtrend.

Meanwhile @WispOfDefi has commented on the strength of Cardano amid recent development. The analyst has noted that the token has remained resilient despite the 750 million ADA market impact. It was, however, suggested that if ADA can hold above the regression breakout signals and a certain level, the token can build more strength for a move to the upside.

ADA/USDT Analysis: ADA Could Slip Below Support

On the 4-hour chart, ADA/USDT seems to be fluctuating between expanding bands with recent activity within the lower section of the indicator. This suggests the pair is currently oversold, as signaled by the Stochastic RSI too.

Similar to the daily chart, the volume indication appears to be relatively stable, signaling that the pair awaits massive participation for a significant directional movement.

To this end, an increase in the sell pressure below $0.4018 would mean further downside movement.

Cardano (ADA/USDT) Struggles With Resistance Amid Market Pressure
ADAUSDT-4H Chart

 

You can purchase crypto coins here. Buy Crypto

Recent News

September 29, 2022

Band Protocol (BANDUSD) Is Still Shrouded in a Bearish Battle

Band Protocol Analysis: The market is still held in a bearish fight Band Protocol is still stuck in a bearish battle as the sellers remain in control of the market. Despite the coin being generally in consolidation, it is more attached to the support levels of the consolidation levels. The coin is,...
Read More
July 15, 2023

Chainlink Is Rising as It Looks for a High of $8.50

Chainlink (LINK) Long-Term Analysis: BullishThe price of Chainlink (LINK) has kept up its positive trend as it looks for a high of $8.50. As the altcoin continues to rise, the present positive trend has broken above the $6.69 barrier level. The price indicator has shown that prices will continue to...
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram