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Cardano’s strong bearish notion could push the asset down to $1

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Path to recovery or calm before the storm?

Cardano [ADA], Dogecoin [DOGE], Binance Coin [BNB], and an array of other coins were painted in green as they bid adieu to the bears. This, however, didn’t measure up to the loss these coins endured over the last couple of days. Bitcoin [BTC] was seen struggling to form a strong line of support as it was seen swinging between $40K and $41K.

At the time of writing, Cardano [ADA] was trading for $1.74 with a 3.62% rise in the last 24-hours. The asset witnessed nothing but loss over the last few days as it dropped by 7% over the week. Just five days ago, during the beginning of the crypto carnage, the altcoin went on to hit an all-time of $2.46.

Just as the market cap of the entire crypto-verse sunk to a low of $1.79 trillion, ADA’s market cap dropped down to $55 billion. This further pushed the altcoin to the fifth position.

Cardano [ADA] one-hour price chart on Binance

Cardano

Despite the 3% rise in the last 24-hours, ADA’s short-term price chart witnessed the presence of the bears. The Parabolic SAR indicator put forth dotted lines over the candlesticks further announcing a bearish momentum as any efforts towards an upward was disrupted. The Awesome Oscillator indicator laid out dainty red closing bars echoing the sentiment of the Parabolic SAR indicator.

The Relative Strength Index indicator suggested that the selling activity in the ADA market was higher than the buying activity.

Cardano [ADA] one-day price chart on Binance

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The one-day price chart of ADA resembled the ongoing notion in the crypto-market. The Bollinger Bands were wide apart noting a surge in the volatility in the ADA market. The MACD line was below the signal line which indicated a bearish crossover. A rise in volatility during this time would be unfavorable for ADA traders.

The bearish sentiment did not seem to stop people from buying the altcoin as a buyers’ predilection was noted in the ADA market.

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