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Cardano Technical Analysis: ADA Under Bearish Influence, Will Vasil Hard Fork Retrieve the Rally?

ADA Technical Analysis

Key Takeaways:

Current Price $0.4689
Market Cap $16.02 billion
Circulating Supply 34.18 billion
Total Supply 34.85 billion
Vol (24H) $1.03 billion
Change (7D) -5.54%

Cardano Technical Analysis for September 2022

Cardano price for a pretty long time has been trading within a descending triangle which is generally considered as bearish. However, for the past couple of months, the price is maintaining a parallel consolidation, as bears restricted the price below $0.6. As the price began with a recovery from the lower support since the beginning of the month, a huge bearish action dragged the price 

Presently, the volume has been on the back foot and hence the token is finding it difficult to validate a firm upswing. In the coming days, the pierce may eventually retest the lower support close to $0.42 and attempt a rebound. If failed, may slice through these levels and test the last point of defence at around $0.38.

A breakout from the descending trend appears to be predetermined which may lay down a significant upswing later. 

Technical Analysis at a Glance

The ADA price has experienced an extreme bearish action since the beginning of the year and hence is currently trading along the lower support from nearly 4 months. The token also experienced investors’ shift of focus of let as the much-awaited Vasil Hard Fork differed many times. However, with the announcement of the date, the price is expected to gain significant bullish momentum to regain lost levels soon.

Short-Term A huge selling pressure has been accumulated and hence the ADA price may continue to drain profusely
Mid-Term The bulls appear to have exhausted which may reversely impact the price in the coming days 
Long-Term The bearish volume has eased but the buying volume is pretty low to offer a strong push for the ADA crypto.

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 37.7 / 38.00 Sell / Sell
MACD -0.005 / -0.159 Sell / Sell
Average Directional Index(ADX) 48.88 / 28.06 Sell / Sell
Ultimate Oscillator 46.28 / 46.92 Sell / Sell
Bull-Bear Power -0.046 / -0.06 Sell / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $0.47 $0.472
MA 10 $0.49 $0.493
MA 20 $0.50 $0.511
MA 50 $0.492 $1.006
MA 100 $0.47 $1.08
MA 200 $0.492 $0.572

The latest bearish action has drained the token to a large extent and hence most of the indicators are extremely bearish in all the time frames. RSI is heading towards the south while the selling pressure has been mounted heavily and hence the MACD is also extremely bearish. However, the token is highly volatile in the short term which may result in significant price swings. 

In the longer time frame, the ADA price appears to remain within a consolidated trend as the indicators are bearish but the volatility is also pretty less. On the brighter side, positive market sentiments amid the upcoming hard fork may coil up and pave way for a bullish divergence. 

Additional Read: Cardano Price Prediction

Cardano On Chain Metrics Analysis

Source: Santiment

Source: Santiment

Source: Santiment

Cardano (ADA) Technical Analysis for Short Term

Source: Tradingview

Cardano (ADA) Technical Analysis for Long-Term

Source: Tradingview

Where & How to Buy Cardano (ADA)?

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CoinDCX, India’s leading crypto exchange has a huge active user base within the market. Registering with CoinDCX is extremely simple, just follow the below-mentioned steps, 

Additional Read: Cardano Price Prediction 2022

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