Home Cryptocurrency Cardano rejection at $1.42 scattered bulls, who are back to drawing board

Cardano rejection at $1.42 scattered bulls, who are back to drawing board

by Serge Shlykov

The crypto market has been in a bit of a funk for the last couple of weeks, dipped below $200 billion on multiple occasions, and finding some stability above $200 billion at press time. The market has managed to bounce back a number of times, but has given little indication of whether this trend will continue.

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Cardano, the 5th largest cryptocurrency by market cap, is currently being traded at $1.42 with an after-hours low of $1.37. The cryptocurrency was rejected from Coinbase Pro yesterday after lingering a few weeks in the $1.20 region. The Cardano price declined by 3.25% in the last 24 hours and is now in a downtrend. The price of Cardano has not been able to hold the $1.00 level in the last three weeks. The Cardano price has held relatively stable at around the $1.00 handle for two weeks now. The Cardano price declined by 3.25% in the last 24 hours and is now in a downtrend. The price of Cardano has

A week after the Cardano (ADA) community was thrown for a loop by Cardano’s price fall, the crypto has bounced back. Trading volume has risen to almost $400 million and coinmarketcap has ADA at $1.42. This is the highest level since February 9, 2018. The Cardano price has now recovered $20 since the price drop, which is a huge increase considering that the coin has dropped around 79% since December 1.. Read more about cardano trading sideways and let us know what you think.

Summary of the situation

  • Overall, the weekly cryptocurrency market is optimistic despite tighter regulations.
  • Cardano started the week in an uptrend and gained more than 5%.
  • At the time of writing, Cardano is trading at $1.3460.

Gimbal price analysis: General price analysis

The cryptocurrency market is generally bullish on a weekly basis, despite increased regulatory activity. The UK Financial Services Authority has banned the Binance exchange in the country, calling all cryptocurrency-related activities illegal. The total market capitalization of the cryptocurrency market has fallen 19% since the collapse in May. As a result, about $1.8 trillion has been wiped out. Experts believe that increased regulatory oversight is the main reason for the delayed recovery and advise market participants to be prepared for a longer recovery.

Cardano’s price, for example, started the week in an uptrend, and by the 28th it was up. June rose more than 5%, but the bulls could not hold on to a higher target. During the beginning of the week, the bulls managed to overcome the price resistance at $1.2 and turned it into a strong support. In fact, they are aiming for their recent target around $1.9, but unfortunately heavy selling volumes have rejected yesterday’s uptrend at the 20-day exponential moving average at $1.42. Despite the fairly obvious bullish strength, it’s also clear that the bears don’t want to let go of the arm wrestling. On the one hand, buyers expect a breakout above the last price target, which will give them a chance to break through resistance near the all-time high and trigger the next upward rally.

Cardano price movement in the last 24 hours

Cardano (ADA) started the daily chart with an opening price of $1.3540 and attempted a breakout where it reached an intraday high of $1.3817. Sellers gave up on the strength of the three white soldiers and reversed the uptrend into a descending sloping pattern that started at the intraday high and ended at $1.3181. On Cardano’s chart, the daily range is small, indicating low volatility – a very important measure for swing and day traders.

Cardano’s price traded below the midline of the Bollinger Band for most of the day, and only broke above the midline of the moving average in the $1,337 – $1,355 area on the 4-hour chart. Also look for bars widening on the 4-hour chart, an indicator of increasing sales volume.

Source: TradingView

Output of price analysis of the gimbal

Yesterday’s $1.42 rally destroyed the bulls’ hopes for a market comeback and the development of the next leg of the weekly uptrend to $1.75 – $1.95. The Bulls have gone back to the drawing board to find the best way to break this deadlock. For the second week in a row, Cardano (ADA) is still trading at the same price level and showing no significant growth. Cardano’s bulls are hoping for broader market support and that price reaches a 14-day high to counter bearish pressure.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.After a year of Cardano descending from its ATH of around $1.50USD and we are still not back to ATH, once of the world’s most influential crypto enthusiasts and a renowned analyst, Iqbal Gandham, now shares his thoughts on Cardano market. He’s bullish about ADA, even “buy”. This bullish consensus comes at a time when Cardano (ADA) has garnered a lot of attention from the financial world. It’s been named among the Top 10 Blockchain projects in the world by Deloitte in Q1 2018.. Read more about cardano upswing and let us know what you think.

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