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Cardano price analysis: Price backslides to $1.936 as bears retain their lead

Cardano price analysis Price backslides to as bears retain their lead

TL;DR Breakdown

  • The price has moved down to $1.94.
  • Cardano price analysis indicates bearish trend.
  • Support is still maintained at $1.93.

The Cardano price analysis reveals that the price has been following a downward movement for the past few days, as the bears have been constantly striving for lead. The short-term trending line is also descending as a regular decline in price has been taking place for the past few weeks. The price has been lowered down to the $1.95 level as a result of the latest bearish strike. Further downfall in price is to be expected in the approaching hours as well.

ADA/USD 1-day price chart: Cryptocurrency value depreciates up to $1.94 degree

The one-day Cardano price analysis shows that the price has been following a decreasing trend for the past few weeks. Although there have been instances where the bulls tried to take over the market, the overall trends have been in the favor of the sellers. A substantial decline in ADA/USD value has been recorded in the last 24 hours as well as the price moved down to $1.94. The moving average (MA) is relatively at a stable position i.e. $2.04.

Cardano price analysis: Price backslides to $1.936 as bears retain their lead 1
ADA/USD 1-day price chart. Source: TradingView

The SMA 50 curve has been traveling higher than the SMA 20 curve, which is yet another confirmation of the bearish trend. The increase in volatility has taken the upper Bollinger band value to $2.283 and the lower Bollinger band value to $1.93. The Relative Strength Index (RSI) score has dropped down to 36.91 level as well.

Cardano price analysis: Bears strike again taking price below $1.93 boundary

A considerable decline in ADA/USD price has been observed during the last few hours. The price has gone below the $1.939 support as well, as a result of the constant bearish pressure. The latest downturn in price has lowered it to the $1.935 level, which has proved to be quite damaging for the overall coin value. The decreasing trend has taken the price below the moving average value i.e. $1.97 as well.

Cardano price analysis: Price backslides to $1.936 as bears retain their lead 2
ADA/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 took place in the earlier hours as well. Now the Bollinger bands average is at $1.989 point, whereas the upper Bollinger band is resting at $2.04 and the lower Bollinger band is at $1.939. The RSI curve has covered downward movement as well and the score is now touching 36.57.

Cardano price analysis: Price backslides to $1.936 as bears retain their lead 3
ADA/USD technical indicators chart. Source: TradingView

The market value of ADA/USD has been degraded to a great degree in the period of the last few months. This can be further confirmed from the above technical indicators chart, which is giving out a bearish indication. There are 12 indicators on the selling position, nine indicators are there on the neutral position while only five indicators are present on the buying position.

The moving averages indicator is giving out a strong selling hint as well. There are 11 indicators settled on the selling mark, three indicators are on the buying mark while only one indicator is there on the neutral mark. The Oscillators are showing a neutral trend for the day, as there are eight oscillators at a neutral level, two oscillators at buying level, and one oscillator at the selling level.

Cardano price analysis conclusion

The one-day and four hours Cardano price analysis is confirming a downtrend for the day, as the price has undergone a significant decrease in the last 24-hours. The bears have been leading the price charts for the past few days, and even today a downward tendency has been shown by ADA/USD. A further drop in price should be expected as the hourly price chart is showing negative signs as well.

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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