Cardano price analysis: Bears reactivate downtrend to pull price to $2.24

Cardano price analysis Bears pull back price to as downtrend reactivates

TL;DR Breakdown

  • The Cardano price analysis shows the price is going down once again.
  • ADA values has lowered to the $2.24 level.
  • Support is still preserved at $2.06.

The bears are still reigning the price charts after a momentary gap as the bulls were attempting to make a comeback. The price has increased in the last 4-hours, yet, the general trend observed has been largely bearish.

ADA/USD 1-day price chart: Downturn continues as price steps down to $2.243

The 1-day Cardano price analysis is showing a bearish trend as the price has undergone a major decline during the day. The price has gone down towards the $2.243 level, as the day has been ruled by the bears at large.

Although there have been bullish sequences as well during the last week, the bears have still been able to maintain their lead. The moving average (MA) value is also at a low position i.e. $2.236 because of the bearish trend.

Cardano price analysis: Bears reactivate downtrend to pull price to $2.24 1
ADA/USD 1-day price chart. Source: TradingView

The volatility has decreased significantly during the day which could be taken as a positive indication for the future. The Bollinger bands, on the other hand, are showing their upper value at the $2.67 position and their lower value at the $2.06 position. The Relative Strength Index (RSI) score has decreased to 45.21 as well.

Cardano price analysis: Bullish momentum delimits bears from taking price below $2.16

The 4-hours Cardano price analysis is showing signs of bullish activity as the price has increased up to $2.241. Although the day has been in the favor of the bears, for the most part, the bulls have succeeded in saving the price momentarily.

The moving average value is still standing above the current price i.e. at $2.31 because of the drop in price earlier. Whereas the Bollinger bands average is standing at the $2.284 position at the time of writing.

Cardano price analysis: Bears reactivate downtrend to pull price to $2.24 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility has increased during the last 4-hours which is why the upper Bollinger band is now settled at the $2.40 point whereas the lower band is settled at $2.163. The RSI score has moved up as well because of the uptrend and is now at the 48.03 level.

Cardano price analysis: Bears reactivate downtrend to pull price to $2.24 3
ADA/USD technical indicators chart. Source: TradingView

As the price has gone down to a lower level as compared to its last week’s ratio, the technical indicators chart is giving a sell signal. There are 11 indicators that are found standing at the selling position, with 10 indicators at the neutral and only five present at the buying positions.

The moving averages indicator is supporting the bears as well because the selling rate has increased since the last week. There are 10 indicators that are settled on the selling mark, four on the buying, and only one indicator on the neutral mark. The Oscillators are going neutral as there are nine oscillators on the neutral level, while the remaining two are on the selling and buying levels each.

Cardano price analysis conclusion

The 1-day and 4-hours Cardano price analysis is giving bearish signals for the day as the price has declined to the $2.24 level. Although there has been improvement in the price during the past four hours, the overall trend that has been observed has been bearish. As the support present at the $2.057 level is still strong, further chances of recovery can be expected in the future.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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