The crypto market caught the much-needed upward momentum with Bitcoin (BTC) surpassing $27,000. However, a different story unfolded for Cardano (ADA). The altcoin struggled to determine a clear direction while bulls and bears battled within a tight price range. The indicators on the chart also provided mixed signals, indicating that ADA’s price movement was sideways. So, can Cardano find a clear price direction in the coming days?
Cardano (ADA) Future
The recovery of ADA after finding strength at the $0.23 support level was seen as the beginning of a continuous uptrend. However, the active presence of sellers halted the buying pressure. Between August 18 and August 30, ADA fluctuated between rapid price increases and decreases on a daily time frame. An 8% increase between August 18 and 20 was followed by a similar decrease between August 21 and 22.
This situation prevented significant gains for buyers or sellers. Looking at the indicators on the chart, there seems to be a slight inclination that bulls will soon take control.
While the Moving Average Convergence Divergence (MACD) shows an uptrend, the Chaikin Money Flow (CMF) remained positive with a value of +0.09. This led to the Relative Strength Index (RSI) moving towards the neutral 50 level, but it dropped again due to the recent downward price movement.
Speculators Remain Indecisive
If bulls gain an advantage, buyers may push to reclaim the $0.3 resistance level. On the other hand, bears may pull prices down, especially if Bitcoin fails to sustain its recent gains.
Data from Coinalyze revealed the indecision in the futures market. Open Interest usually decreases along with the price, which is a bearish sign, but the Funding Rate remained positive.
