Cardano has broken its uptrend as the market turned bearish for the cryptocurrency. In the past twenty-four hours, the cryptocurrency has begun moving downwards. The daily trading volume has fallen by 20%. The weekly performance shows a growth of 6% for ADA coin. In the daily timeframe, ADA peaked at $1.49 after which it began moving downwards. The 24-hour low for the cryptocurrency was at $1.42. At the time of press, the cryptocurrency eas trading hands at $1.43 apiece.
Technical analysis
The market sentiment for Cardano continues to be largely bullish as the bearish momentum in the daily timeframe has yet to translate to the technical. Thirteen out of the total twenty0six technical indicators are giving out an indication of buy. Eight indicators are standing at a neutral position while five are bearish with a sell signal. The Oscillators are suggesting a sell signal while the Moving Averages are giving out an indication of buy.
Cardano had been identified to be operating with a descending trendline. However, recent bullish momentum in the market helped the cryptocurrency break out from the trendline to the upside. The major resistance was broken and the bullish momentum was confirmed for ADA. Cardano has now been operating inside a triangular formation. The cryptocurrency is fast approaching the end of the formation which will prove to be decisive price actions for the cryptocurrency. The upper boundary of the triangle is acting as a strong horizontal resistance level for ADA. The resistance lies at $1.45. The bulls will overtake the market if Cardano establishes the resistance as support.
What could lift Cardano up?
Japan has stringent regulatory rules for cryptocurrencies which allows only a small number of cryptocurrencies to be listed on exchanges in the country. Cardano has now entered the elite list and acquired approval from the regulators. The news may prove to be favorable for the upcoming price movements of the cryptocurrency may help the bullish dominate the market.
