- Cardano price analysis shows a solid bearish downfall.
- Support of $2.53 has also fallen.
- Next strong support is present at $1.95.
The Cardano price analysis reveals a sharp decline in price today. The bears have taken the price down from $2.5 to $2.31 level at the time of writing. The strong support of $2.53 fell yesterday, and the next support is present at $1.95, which may or may not be tested during the crash. ADA lost a 14 percent value overall during the last 24 hours while 16 percent over the past week.
After finding resistance, the ADA/USD pair was hovering below the $3 mark for a few days before starting the downfall from this psychological limit. Currently, the bearish momentum seems quite strong as bears have successfully taken over the crypto after hitting the record high.
Today most of the top altcoins are down. The behemoths of cryptocurrencies Bitcoin and Ethereum are also declining as Bitcoin lost 13.9 percent and Ethereum lost 15.4 percent value over the last 24 hours.
ADA/USD 1-day price chart: Price crashes as bears takeover
The 1-day Cardano price analysis shows an intensifying bearish momentum, and the value of the coin has dropped considerably in the last 24 hours. ADA price is going steeply down as bears are defining the price curve.
The volatility is increasing, indicating more bearish signals; as Bollinger bands expand, the upper Bollinger band is at $3.11, and the lower band is at $2.37. The price has stooped down below the lower Bollinger band. The moving average (MA) is $2.77, and the Bollinger bands average is $2.74. Both the averages are above the price level.
The relative strength index (RSI) shows a score of 44.6 near the underbought limit and is still on the downtrend, indicating a panic situation among sellers.
Cardano price analysis: Price levels recovering slowly
The 4-hour Cardano price analysis shows enormous selling pressure from the market as prices continuously drop and traders are selling their assets to curtail losses.
There have been some tries by bulls to stop the downfall a few hours ago, but bearish pressure is overwhelming any bullish efforts, and the price continues to go down. The ADA/USD pair is trading at $2.31 at the time of writing. The supports are falling one after another, and the next support is present at the $1.95 mark.
The price has gone below the lower limit of Bollinger bands which is present at the $2.34 mark and still going down. The upper Bollinger band is present at the $3.13 mark suggesting increasing volatility for the crypto pair. The average of Bollinger bands is at $2.73, whereas the moving average is also moving down and has come as low as the $2.56 mark. The relative strength index (RSI) has entered the underbought level and is currently at 25.20 while still going further below. This is the lowest RSI score after the 21st of June 2021.
Furthermore, the technical indicators for Cardano price analysis are also conforming to the bearish trend due to the decline of value from the last few days. The technical indicators show ten signals at the selling spot and only seven at buying spot, whereas nine indicators are neutral out of 26 total.
The moving averages are also bearish in nature as eight indicators are at selling position and six at buying position, whereas one stands neutral. The oscillators are currently neutral overall but slightly inclining towards the bearish side by showing two signals at the selling spot and one signal at buying spot, and as many as eight oscillators stand neutral.
Cardano price analysis: Conclusion
The 1-day and 4-hours Cardano price analysis shows the previous bullish momentum is losing spirit, and bears have gained market control as of now. But the low RSI of the 4-hour chart indicates that bears might be exhausted soon as the RSI is well below the undersold limit during the current hours. It may provide some space for bullish efforts to take the price back into the price channel of previous days that is below $3 to $2.6 level.
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