- Cardano price action suggests accumulation by investors on Wednesday’s trading session
- The 24-hour volume in ADA is at $7,154,366,152 with a 128.70% increase
- The ADA/BTC pair was trading at 0.0000211 BTC with a gain of 2.82%
The 4-hour technical chart of Cardano price action forecasts a sideways trend. According to pivot points, ADA’s critical support level is placed at $1.16. Whereas if it moves up, the key resistance level to watch is $1.45. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish engulfing candlestick pattern representing bearish reversal with high reliability.
EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is above EMA-13,21 (green, yellow), which projects a positive trend for a short while. The price is below all the EMA’s. Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.
RSI indicator (BEARISH), with a value of 44.65, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 64 to 44 in the index, and it may soar in future trading sessions.
The volume of (24.37M) represents a selling volume which is above the Volume MA (18.42M) of 20-days. High buying pressure is required in Cardano to drive its price to higher levels.
Cardano Price Action Has No Signs Of Positive Recovery
Cardano price traded at $1.18 with a loss of 1.19% in the last 24-hour and 0.52% up in the weekly time-frame. Furthermore, Cardano is in the accumulation phase from the past few weeks. In contrast, the market capitalization stands at $37 billion. Technically, investors can perceive a positive crossover in EMA, but the price is below the 55-EMA. RSI index showcases a downward slope. Moreover, the price movement can stay in the accumulation zone for future trading sessions.