The Cardano price analysis is bearish today, as we saw a slowing down for the revival overnight around $1.445. As a result, ADA/USD will most likely retest the downside again and establish a lower low before further gains are observed.
The volatility is low, and the RSI indicates oversold conditions so that a bounce might happen sooner or later. However, it seems that the bears are in control of the market for now.
On the daily chart, we can see that ADA/USD has been downtrend since reaching a high of $2.28. The price has fallen by more than 35% and is currently trading at $1.35.
The downtrend is also visible on the RSI indicator, which is currently in oversold territory. This could lead to a short-term bounce, but the bears will likely continue pushing the price lower in the long run.
Overall, the Cardano price analysis is bearish today. The bears are in control, and the price is likely to fall further before a rebound occurs. The $1.3 handle is a key support level to watch, as a break below this could see the price fall towards $1 or even lower.
On the hourly chart, we can see that Cardano’s price recovery has slowed down overnight as resistance at $1.445 is expected to produce additional losses later today.
Looking at the 4-hour chart, we see that the bulls are currently trying to hold the $1.445 support level. However, a break below this could see the price fall towards the $1.3 handle.
Cardano’s price has been declining since last month, when it reached a high of $2.375, with few fluctuating points in between. ADA/USD had effectively retraced 40% after dropping to a new low on Sunday at $1.42.
On Monday, the cryptocurrency market experienced a brief consolidation around $1.60 before ending the week with a sharp jump up to $1.76, near its previous local high. ADA then swiftly reversed, beginning to move down with growing momentum.
The Cardano price has broken through the $1.20 mark throughout Sunday, establishing a solid lower low. The market rapidly recuperated around 20% during the day, resulting in the current bearish momentum gradually regaining control below the $1.445 level.
The Cardano price is bearish today, with a further drop expected over the next 24 hours after resistance was discovered at $1.445 overnight. As a result, ADA/USD should continue establishing another higher low before more gains may be made next week.
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.
This post was last modified on December 6, 2021 8:06 am
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