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Cardano Price Analysis: Another move higher in today's sessions but some cracks are appearing

  • ADA/USD is trading 3.8% higher on the session and is one of the outperformers in the crypto market on Tuesday.
  • Despite the move higher the volume seems to be dropping off.
Cardano Price Analysis: Another move higher in today's sessions but some cracks are appearing
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

ADA/USD daily chart

ADA/USD is one of the outperformers in an otherwise mixed day for the crypto market. As you can see from the daily chart below the previous wave high has been taken out adding to the recent higher high higher low wave pattern. The 61.8% Fib retracement has also been broken despite two failed attempts. The 76.4% Fib is now next and confluences with the 0.600 psychological zone. 

However, despite the move higher, there are two bearish signals that have shown up. First is the decline in volume even as the price is rising. This is often a sign that the momentum is dissipating. The Relative Strength Index (RSI) is also showing a sign of declining momentum with a bearish divergence signal. 

Cardano pushes higher

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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