Will Cardano [ADA] Move Towards $3 Untethered By The Bear?

Volatility had struck the crypto market and Cardano [ADA] was making the most of this. All the other assets were seen bagging little to no gains. Prominent coins like Bitcoin [BTC] and Ethereum [ETH] were enduring a loss.

BTC failed to rise over $45K and was seen dipping by 1.35% over the last 24-hours. Ethereum [ETH] was mirroring this sentiment.

Cardano [ADA] with a 5.27% surge in the last 24-hours, was stealing the show. The altcoin managed to bag immense gains throughout the month. At the time of writing, the altcoin was trading for $2.11. The asset seemed to be flourishing with regard to its network and its price aspect.

Furthermore, the market cap of ADA rose to $68.43 billion. This gave the coin an opportunity to overtake the Binance coin [BNB] and occupy the third rank.

Cardano [ADA] one-hour price chart on Binance

The short-term price chart of ADA revealed a contradicting notion. While the Parabolic SAR indicator suggested a bullish notion, the Awesome Oscillator indicator stated otherwise. The Parabolic SAR indicator formed dotted lines below the candlesticks and stood as support against any possible downfalls. The Awesome Oscillator indicator laid out red closing bars and noted a bearish presence.

The Relative Strength Index indicator was still in the buyers’ arena, over 50 median, however, the marker was pointed downwards towards the sellers’ market.

Cardano [ADA] one-day price chart on Binance

ADAUSD 2021 08 19 15 42 28

The one-day price chart of ADA noted a positive sentiment and was surely on the side of the bull. The Chaikin Money Flow [CMF] indicator remained on the bullish part of the chart. The CMF marker was seen dwelling at a positive 0.20 median and this further announced the presence of the bull. The MACD indicator followed a similar notion as it retained its bullish crossover that it formed long ago.

The Relative Strength Index [RSI] indicator noted that the altcoin was being increasingly overbought.

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