- Cardano price analysis shows bearish progress.
- ADA/USD finds resistance at $2.93
- Support seems to be present at $2.83.
The Cardano price analysis reveals ADA/USD is consolidating below $2.93. The ADA/USD value has gone down today to $2.86, still above the support present at $2.83. The ADA value has decreased around 0.13 percent in the last 24 hours, but overall a 1.77 percent increased is observed during the past week.
ADA/USD 1-day price chart: ADA/USD enters consolidation phase below $2.9
ADA seems to be consolidating amidst an all-time high bullish momentum. The coin recently went up as high as $3.09 on 2nd September 2021. ADA price has been hovering below the $3 psychological mark since 3rd September 2021.
The Cardano price analysis reveals that the volatility is decreasing as the Bollinger bands are narrowing down. The upper Bollinger band is found at the $3.17 mark, while the lower band is at the $2.28 mark.
The average of Bollinger bands is at the $2.73 level mark. The moving average (MA) is slightly above the price at the $2.86 level marking a bearish crossover.
The relative strength index (RSI) is on a decreasing slope showing a score of 62.13, which is well below the overbought mark. The RSI provides a good opportunity for bulls to take shape in the near future.
ADA/USD 4-hours analysis: Bearish momentum subdued
The 4-hours candlesticks Cardano price analysis chart shows that the volatility is decreasing while the bearish crossovers are balanced out by the relative strength index.
The upper Bollinger band is set at the $3.01 mark, whereas the lower band is at the $2.8 mark and the Bollinger bands average is at the $2.91 mark. The moving average is $2.91. The Bollinger bands average and moving average are hovering above the current price level marking bearish crossovers.
The relative strength index (RSI) is 46, which is a near undersold mark and still on a downward slope providing space to bulls to gear up the momentum in the near future. The RSI is canceling out the bearish crossovers while ADA is consolidating.
The technical indicators chart for Cardano price analysis is showing mostly bullish signals. Out of the total 26 indicators available to us, 12 are giving a buy signal, and only four are showing sell signal, whereas 10 stands neutral.
The moving averages are also on the bullish side by showing 12 indicators at buying spot while only two at the selling spot and one is a neutral indication. The oscillators are mostly neutral as nine indicators are showing a neutral sign, zero for buying, and two indicators show a sell signal. This seems to be because of the consolidation phase the ADA has entered after a steep rise in price.
Cardano price analysis: Conclusion
The 4-hours and 1-day Cardano price analysis shows ADA is consolidating below the $2.93 level as more red candlesticks are forming on the chart due to present bearish activity. After finding resistance at $2.93, the price has been reduced to $2.86 at the time of writing.
Strong support is currently found at the $2.83 level, which is keeping the price stable. If the current support falls, ADA price will fall with it, but if support from buyers comes in significant numbers, ADA will breach the resistance, and the price will rise.
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