Cardano price analysis: ADA not ready to go past the $1.20 mark

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TL;DR Breakdown

  • Cardano price is expected to fall to $1.15
  • The closest support level lies at the $1.15
  • Cardano price is facing resistance at the $1.20

Cardano price action for the past week has failed to break above the $1.40 mark and ADA price has fallen back to just below the $1.20 mark. While the price at press time holds above the $1.15 mark, the bearish pressure is very strong and the price may continue to fall 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 7.27 and a 2.72 percent decrease respectively. Meanwhile, Bitcoin and Ethereum record a 2.27 and a 2.94 percent decrease respectively

Technical indicators for ADA/USDT

Cardano price analysis: ADA not ready to go past the $1.20 mark 1
Technical indicators for ADA/USDT by Trading view

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 4 am today ,since then bearish pressure is increasing steadily and at press time is just below the -0.0300 mark. Across the EMAs, the 26-EMAis trading above the 12-EMA with an extremely smooth slope 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 above the 28.00 mark. The indicator started trading in the oversold region recently with the bearish momentum only increasing in recent hours giving an extremely high sell signal for Cardano price

The Bollinger bands are currently wide but will converge rapidly in the immediate 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, the bands will be leaning downwards for the next few candlesticks

Overall the 4-hour technical analysis issues a strong sell signal with 17 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, zero indicators issue buy signals suggesting bullish momentum. Meanwhile, nine 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 that 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?

Cardano price analysis: ADA not ready to go past the $1.20 mark 2
4 hour price chart by Trading view

Traders can expect Cardano price to continue to fall to $1.15 or further below considering the bearish sentiment of today’s market ,the low price volatility of Cardano price and the fact that the short term and long term indicators are issuing a heavy bearish trend.However traders can expect a bullish rally from Cardano price after it it hits its support level of $1.15 which may help it to challenge the $1.20 mark or even the $1.30 mark again.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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