Cardano (ADA), one of the top leading and most popular digital currencies in the market based on market cap, is also struggling just like every other digital currency in the market. This digital currency is currently occupying the number seven position on the list of top digital currencies, and the current market cap of the coin is $4.67 billion.
The market has pretty rough for all digital currencies, resulting in a significant decrease in their values in the last couple of weeks. But just a few days ago, there seems to be some positive momentum in the market, and some digital currencies are beginning to see some upward movements, but they still have a long way to go – that is if the trend remains favorable.
The Long-Term Trend of Cardano (ADA) against the US Dollar – Bearish
On the long-term outlook, the bearish trend continues in ADA. The bears have long been in charge of the market, surpassing their target at the 20 cent demand zone. As a result of the pressure of the bear, the value of the digital currency declined further to the 19 cents demand zone.
The Value of Cardano (ADA)
The value of Cardano (ADA) is still below the three exponential moving averages crossover, and this is a clear indication of strong seller presence and pressure. The exponential moving averages are blown apart which means strength in this case of downward movement and the context of the trend.
The ADA/USD pair is building a nice flag once again, as obviously indicated in the chart of Cardano (ADA) against the US dollar. Every time a scenario like this is created, the downward trend continues as the bears apply more pressure.
The Stochastic Oscillator is presently in the oversold zone and it experiences rejection to the upside as more sellers are venturing into the market this week. The target of the bear may possibly be the 15 cents demand area in the long-term as the value of Cardano continues to drop.