With the Fear and Greed Index value settled at 8, the market sentiment hangs in extreme fear. As the market cap has spiked by over 2.93%, the majority of the digital assets are charted in green. Following suit, the largest asset, Bitcoin (BTC), has climbed to $67.9K, while Ethereum (ETH), the largest altcoin, is trading at $2K.
Within the altcoin arena, Cardano (ADA) has registered a spike of over 1.72%, and it opened the day trading at a low of $0.26. With the brief bullish shift, the asset’s price has risen toward $0.2836. At press time, Cardano traded at $0.2666, with a market cap of $9.61 billion. Moreover, the trading volume is down by 31.54%, reaching $1.4 billion.
The recent bearish price chart of Cardano shows that the price movement is capable of slipping further to the support at around $0.2654. Upon the bears applying more pressure on the downside, it triggers the emergence of the golden cross. Eventually, drives the asset’s price below the $0.2642 range.
Conversely, if the Cardano bulls entered, the price action would reverse and climb to find the resistance at the $0.2678 level. Further upside with the potential bulls could initiate the golden cross to take place. It pushes the price toward its former high above the $0.2690 mark.
Cardano’s Indicators Point to a Strong Bearish Zone
When both the Moving Average Convergence Divergence (MACD) line and the signal line cross below the zero line, it implies a strong bearish mood for Cardano. Notably, the short-term average is below the long-term average, which confirms the market weakness.
Besides, the Chaikin Money Flow (CMF) indicator of ADA is positioned at -0.05 hints at a slight selling pressure in the market. With this value, the negative outlook is not very powerful, but it likely shows that the sellers are slightly dominating over the buyers.
Cardano’s daily Relative Strength Index (RSI) is found at 41.76, signalling a neutral-to-slightly bearish sentiment. It is closer to the lower half, displaying that the sellers are slightly stronger than the buyers. Also, it may approach the oversold zone.
Furthermore, the Bull Bear Power (BBP) value of ADA rests at -0.0043 points that the bears have a mild edge over the bulls. As the selling pressure is very brief, the asset’s momentum is almost neutral, but technically leans to the bearish table.
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