The Cardano project is working to be more independent and powerful. This growth can be traced to the increasing value of altcoin since the beginning of the year. ADA reported a 600% growth in 2021 as it started at $ 0.1682 this year and increased to $ 1.1841 in April.
At the time of writing this news, altcoin is trading at $ 38.30 with a market value of $ 1.21 billion.
Cardano one hour price chart
As the sixth largest crypto asset in terms of market capitalization, ADA’s value indicates tremendous growth. Although market volatility has affected its price, users want strong returns and stronger growth. The chart above shows that the price is limited between an upward and downward channel in the short term.
Although the price is currently seen within an ascending channel, the probability of a price drop is high given the previous price breakdown.
Volatility increased after the price broke through an ascending channel. This was demonstrated by the divergence of Bollinger bands, which could increase the upcoming price volatility. The break in the price led to the decline as the signal line and the 50 moving average shifted above the candlesticks and indicating a bearish trend.
Meanwhile, the relative strength Index suggested that after being pushed closer to the oversold zone, the digital asset is now heading towards the equilibrium zone. However, there was not enough momentum for ADA to fluctuate. This was confirmed by the Awesome Oscillator, who stated that the momentum is falling into the negative region, which is a bearish signal.