The larger crypto-market has seen a slight price slump over the last 24-hours. Bitcoin was victim to yet another price correction around the $60k resistance and this translated to many of the market’s altcoins noting negative price movement on the charts. However, in the case of coins like Cardano, this has only reinforced the prolonged consolidation phase.
Source: ADA/USD, TradingView
Cardano was trading at $1.19 with a market capitalization of over $38 billion. Over the course of the day, the coin saw its price fall by over 3 percent. However, while this price drop may be marginal, it was part of a larger price trend wherein the coin has remained rangebound. Over the past few weeks, ADA’s price action has been moving within the strict confines of its immediate resistance at $1.27 and support at $0.98. This trend looks like it is going to continue since there isn’t a lot of bullish momentum in the market.
The technical indicators for ADA backed up the short-term outlook. The MACD indicator underwent a bearish crossover as its Signal line stood above the MACD line. The RSI, on the other hand, was relatively close to the neutral zone and showed that neither the buyers nor the sellers were the dominant group in ADA’s market.