- Cardano price is expected to fall to $1.92
- The closest support level is at $1.92
- Cardano price is facing resistance at the $2.05
Cardano price action has failed to break above the $2.20 mark and ADA has fallen back to the $1.98 mark. While the price currently holds above the support level of $1.90, the bearish pressure is very strong and the price may fall further 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. The major players that recorded a loss include Ripple‘s XRP, and BNB that record a 9.15 and a 7.63 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 3.46 and a 6.27 percent decrease
Technical indicator for ADA/USDT
Across the technical indicators, the MACD exhibits declining bearish momentum as observed in the light red histogram. It has remained bearish for the past 3 days and the indicator has dropped to below -0.00. Across the EMAs, 26-EMAis still trading above the 12-EMA, however, the distance between the two is starting to decrease and they may see a bullish reversal later on
The RSI is currently trading in the neutral zone a little above the 45.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 3 days. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
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 buy signal with 9 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only eight indicators issue sell signals suggesting a bearish retracement. 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 buy signal with 15 of the 26 indicators suggesting a bullish movement against only one indicator suggests a bearish retracement. 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 $1.92 or even beyond that considering the bearish nature of the market today.Later on after it reaches its support level traders can expect a bullish rally that may lead Cardano price past the $2.05 mark. Traders can even expect an upward breakthrough where the Cardano price might be able to challenge the $2.1 mark again if the current momentum continues as the short term and midterm indicators support the bulls heavily.