Cardano price analysis: A drop in price recorded up to $1.98 as bears take over again

TL;DR Breakdown

  • Price levels fall down to $1.98 level.
  • Cardano price analysis confirms decline.
  • Support at $2.04 has been crossed.

The price has dropped on a drastic level today as the bears took charge of the market once again as per Cardano price analysis. After the continuous imbalance in the price movements, the price has been lowered up to the $1.988 level. The bears are thus maintaining their lead at present, after making a huge difference in the price ratio. It can be expected that the cryptocurrency might face further loss in the upcoming hours as well.

ADA/USD 1-day price chart: ADA price levels down to $1.98 after bearish sweep

An abrupt fall in ADA/USD price has been recorded in the last 24 hours, as the price descended down to $1.988. Although the trends varied continuously in the past few weeks, today’s trend has proved highly supportive for the bears. The decline in price has been quite significant, as the support present at $2.05 is to go down. The moving average (MA) is relatively at a higher position i.e. $2.13 in the one-day price chart.

ADA/USD 1-day price chart. Source: TradingView

The volatility has been increasing hence it can be expected that a further downtrend might follow. The Bollinger Bands Indicator is dictating the following values for the day; the upper value is $2.27 while the lower value is $2.05. The Relative Strength Index (RSI) score has decreased up to 36.17 because of the downtrend.

Cardano price analysis: Cryptocurrency value sinks to $1.974 extreme after bearish rush

A tremendous decline in price has been observed in the last four hours for ADA/USD. The price has slumped to the $1.97 level as the bearish wave has been quite strong in the past few hours. This has created an alarming situation for the buyers, as the value of the cryptocurrency has deteriorated to a shocking level. If we go ahead and talk about the moving average indicator, then its value is settled at the $2.11 mark.

ADA/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 took place in the earlier hours, which once again is a bearish sign. Moving on, the Bollinger bands Indicator values have been changed as well; as now the upper value is at $2.24 and the lower value is at $2.02. The RSI score is below the under-bought range now as it is at the 24.68 level.

ADA/USD technical indicators chart. Source: TradingView

The price has been following a downward movement if we observe the past month’s progress on the whole. This is why the ADA/USD technical indicators chart is giving out a bearish indication for the day. We can see 16 indicators standing on the selling mark, eight indicators on the neutral, and two indicators on the buying mark.

The moving averages indicator is displaying signs of a downward trend as well. There are a total of 12 indicators on the selling point, two indicators on the buying point, and only one indicator on the neutral point. The Oscillators are giving out a bearish signal as well and there are seven indicators at a neutral level, four at the selling level, and zero at buying level.

Cardano price analysis conclusion

The one-day and four hours Cardano price analysis is predicting a bearish trend for the day as it has been confirmed. The bears have succeeded in bringing the price down to $1.988 which was quite unexpected. The selling momentum has been consistently on the rise for the past few hours as well, thus further downfall can be expected, as most coins are following the trend set by the king Bitcoin.

Disclaimer. The information provided is not trading advice. 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.

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Written by 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.