- Cardano price is expected to fall to $1.35
- The closest support level is at $1.35
- Cardano price is facing resistance at the $1.44 mark
After finally climbing past the $1.80 mark, Cardano price failed to continue its bullish rally and the price has seen a steady decline ever since and is currently to just below $1.40.While the price at press time holds just below $1.40, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a 6.62 and an 8.11 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 5.05 and a 7.28 percent decrease respectively.
Technical indicators for ADA/USDT
Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator saw a bearish reversal at 12 am yesterday and since then bearish pressure is increasing steadily. Across the EMAs, the 26-EMAis trading above the 12-EMA and continues diverging while both EMAs fall.
The RSI is currently trading in the oversold region issuing a strong sell signal as the indicator trades just below the 28.00 mark. The indicator has been trading in the overbought region since 12 am today and is still moving downwards suggesting an increasingly high bearish presence at the current price level.
The Bollinger bands are currently wide but will converge rapidly In the future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Cardano price in the short term. Moreover, as the price is consolidating below the bands’ mean line and touching the lower limit, the bands will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only four indicators issue buy signals suggesting bullish momentum. Meanwhile, seven indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 14 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing
What to expect from Cardano price?
Traders should expect Cardano price to continue to fall towards its support level of $1.35 or even beyond that considering the bearish nature of the market today.The short term and midterm indicators also compliment this and describe an increasing bearish trend for the Cardano price.Traders should also expect a bullish rally after it reaches its support level and it may be ready to challenge the $1.60 mark again.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.