Bitcoin was trading around R333K, and bearish pressure did not appear to be abating. Cardano has also had heavy selling volume in recent weeks, but it appears to have reversed its bias to positive in the last four days. Can buyers keep driving up prices in such a scared market?
Cardano’s price activity over longer periods was bearish. However, a bullish move could occur on a lower timeframe, such as H1. The price has produced a sequence of higher lows during the last four days. At the same time, it has risen to R8.66.
The R8.01 area represents a barrier for buyers to overcome. At the time of publication, the R8.01 zone and the R8.66 level were strong resistances. The recent moves over R80.1 and R8.33 suggest that ADA has a positive lower timeframe bias.
If the stock makes a lower high below R8.66 and then falls below R7.53, the bias will go back to bearish.
The technical indicators indicated a good deal of positive momentum. With the exception of one crazy rise to 70, the RSI has recently encountered resistance near the neutral 50 line many times. At press time, the RSI appeared to have risen beyond 50 once more.
At the same time, the OBV was rising. It has broken through two important levels from the previous week, indicating that buyers have some clout.
Given the market’s selling pressure, a move upward may not be the best idea for an altcoin. As a result, buyers must exercise caution. If ADA rises above R8.66, it might reach R9.14.
The price movement, together with the signs, suggested that ADA may be on the rise. However, keep in mind that the longer period bias is still bearish.