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Cardano [ADA/USD] Technical Analysis: Bulls take over altcoins in the long-term



Cardano, like every other altcoin, is on a roll with a lot of volatility, resulting in its price trying to climb above the resistance. At the time of writing, Cardano was trading at $0.076, with a $1.9 billion market cap, and a 24-hour trade volume of $41 million.

1-hour

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Source: Trading View

There is a small downtrend seen forming from $0.07738 to $0.7662, while the uptrend is very dominant from $0.0680 to $0.7507.

The Aroon indicators are showing a slightly bearish trend as the Aroon down-line crossed over the Aroon up-line, while the Aroon up has bottomed, indicating a bearish trend.

The MACD has crossed over to the bottom, indicating a bearish trend. The lines are, however, eerily close to each other, so a crossover might happen in the near future.

1-day

Source: Trading View

There is a dominant downtrend in the range of $0.226 to $0.073. The support can be seen at $0.0635, with a resistance set up successively at $0.0898, $0.1103 and at $0.1817.

The Parabolic SAR indicates a bearish move as the markers are seen pressuring the candles from above.

The MACD indicator is pointing at a bullish trend as the MACD line has crossed over the signal line, the MACD histogram indicates the same as well.

The Awesome Oscillator shows a shift from red spikes to green spikes, indicating a shift in the market momentum, indicating a bullish trend.

Conclusion

In the one-hour chart, the indicators are showing a bearish trend, unlike the long-term. The one-day chart indicates a bearish trend with Parabolic, while a bullish trend is indicated by MACD and AO.


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