• 13 July, 2024
Market News

Cardano Joins Select Altcoins That Have Remained Afloat in a Bearish Market

Cryptocurrencies have entered a bearish market in the last two days, with Bitcoin and Ethereum leading the losses. Yet, against all odds, some alternative coins or Altcoins have remained afloat. Cardano (ADA) is one of them, trading above $0.3419 at press time.

Cardano price action: Coinmarketcap

Cardano’s price is up by 1.0% and is trading in a horizontal channel. The coin has a market capitalization of $11,847,220,005 and a 24-hour trading volume of $217,459,934.Among the bullish altcoins are Ripple, Dogecoin, and Avalanche.

The coin chart shows an ascending triangle with its upper trend line at $0.3527 and the lower trend line at $0.3418. Support is strong at $0.3400, and the RSI is in the bullish zone, indicating that there could be some upside in the near future.

Looking at the indicators, the Bollinger Bands show a bearish crossover below the mid-line, suggesting that volatility may increase up ahead. The MACD also shows a bearish divergence as the signal line is heading towards a bearish cross under the MACD line.

ADA/USD 4-hour chart: TradingView

The price of ADA has formed a consolidation pattern and has been trading in the $0.3500 to $0.3400 range over the past week. The coin is expected to break out of this range and head towards its long-term resistance at $0.3800 if it can close above the $0.3527 level today.

On the 4-hour and hourly timeframe, the ADX indicator is showing a strong uptrend as the DI+ line is above the DI- indicating that bulls are in control. The altcoin is likely to follow an uptrend if it breaks above the Fibonacci retracement level of $0.3527.Firm support is seen at the $0.3400 level, and on a larger scale, support is seen near the 50-day moving average at $0.3250.

ADA/USD Fibonacci retracement levels: TradingView

Overall, Cardano has been one of the few altcoins that have managed to stay afloat despite a bearish market if it can break out of its consolidation pattern and close above $0.3527. This could lead to further gains and a possible move toward its long-term resistance at $0.3800 in the near future.

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