ADAUSD - 1D Chart AnalysisSame situation with Cardano.
Once the market capitalization has started to recover from the lost ground, it's price has started to increase since the 16th of December from 0.0268$ to 0.0430$ and has registered an growth of 60.44% until now.
But the beginning of the bullish trend was registered on the 17th of December, once the price has crossed the 20 days Moving Average at the value of 0.0334$.
From the technical perspective, we have some contradictions as it follows :
* the upper standard deviation of the Bollinger Bands has been reached, meaning that the price is in the "overbought"" area and a "correction" may come anytime soon;
* on the 21st of December, the price has finished the day at the same value where it started and it has created a Doji candlestick. Usually, the Doji candlesticks are indicating the market's indecision and a possible trend change. It wasn't the case here.
* the Stochastic is close to 80 but there is no crossover yet, meaning there are some chances to see a slight continuation of the uptrend;
* the RSI has recovered from the level of 28 in the last days but is only 61 now, meaning that the increase can go on;
* the trading volumes are not at the same level as 2 days ago but are still increasing;
* the MACD is still above the Signal, meaning that there is still more room for the price to continue it's growth.
In these circumstances, there are reasons to believe that the market is getting close to the area in which it will start to slow down.
This Slow down can be defined in 2 different ways :
1. If the trading volumes will remain the same as in the last 2 days, the price has big chances to get close to the first Resistance of 0.0492$ and then to go down to 0.0399$ which is the Pivot Level (the average price)
2. If the trading volumes will increase, we might see a slow down of the market for a couple of days, followed by another rally.
