Of the Cardano-Price suffers a downtrend throughout the month of November. In the last 24 hours, ADA has lost 0.6% in value. The next upcoming trading sessions of ADA remain crucial as the market is expected to exit sideways trading.
Depending on how fast he’s current Resistance breaks through The bears continue to pull the price level lower. Bears will continue to thrive if ADA fails to challenge the $0.36 price.
A resumption of buying could help ADA move higher, marking the start of bullish price action. Sustained demand for coin can also potentially form a rally. The $0.32 overhead hurdle remains crucial for the altcoin. Today’s global market capitalization for cryptocurrencies is $879 billion, with a 0.0% Change in the last 24 hours.
Cardano Price Analysis: One-Day Chart
Cardano was priced at $0.31 on the one-day chart | Source: ADAUSD on TradingView
ADA was exchanging hands at $0.31 at press time. In the last 24 hours, the price of Cardano has seen an increase in buying pressure. Immediate resistance for ADA is expected at $0.32. After surpassing the above price mark and turning into a support floor, there are chances of ADA rising by 18%.
A move above the $0.32 price mark will initially propel the asset price to $0.36 and then to $0.38. On the other hand, if ADA fails to surpass the $0.31 level, it will cause the coin to fall to $0.29. The amount of Cardano exchanged in the past session was green, indicating that demand for the altcoin has increased.
Cardano saw an increase in purchasing power on the one-day chart | Source: ADAUSD on TradingView
Coin has seen slight buyer growth since 11/26. The Relative Strength index shot slightly above the 40 mark and saw a slight increase in demand.
However, purchasing power remains neutral. The altcoin’s price was below the 20-simple moving average. This read indicated that selling pressure remains dominant as sellers drive the price momentum of the market.
Cardano showed downward movement on the one-day chart | Source: ADAUSD on TradingView
ADA has also seen mixed signals on the one-day chart. Due to purchasing power, the oscillator also started to show positive price movements. The green signal bars on AO were the buy signal for the coin.
On the other hand, the Parabolic SAR signaled this downward move in price. The dotted lines were above the price candle, indicating that the bears continue to drive price action in the market. ADA needs to surpass the $0.32 level for bullish forces to take over.
Featured image by UnSplash, charts by TradingView
Source: Crypto News Deutsch