Cardano price analysis: ADA facing trouble in maintaining a $1.3 level as market sentiment turns negative slowly

Cardano price analysis ADA facing trouble in maintaining a level as market sentiment turns negative slowly

TL;DR Breakdown

Cardano price analysis shows mixed market sentiment.
The resistance for ADA is found at $1.39.
Support is present at $1.25.

The Cardano price analysis reveals the coin is getting mixed market sentiment. The coin managed to get up to $1.30 from $1.28 while also swinging up to $1.32, but the selling pressure is again there, and the ADA is unable to continue further upside. Bulls are having a hard time maintaining the price above $1.30 as the pressure is high, and bears are not allowing further advancement as the overall market is bearish as well.

ADA/USD 1-day price chart: Bulls unable to make further advancement

The 1-day price chart for Cardano price analysis shows the bulls have elevated the price up to $1.30, but as the selling pressure is high, they are unable to move any further in their endeavor. Currently, the coin is trading at $1.30 at the time of writing, still reporting a loss of 5.8 percent during the last 24 hours and 22.6 percent loss over the course of the last seven days as the price is on the decline overall, and the same was the trend for yesterday. The recovery made is nominal and may turn negative if bulls lose control completely.

Cardano price analysis: ADA facing trouble in maintaining a $1.3 level as market sentiment turns negative slowly 1
ADA/USD 1-day price chart. Source: TradingView

The volatility is high, with the upper limit of the Bollinger bands at $1.85 and the lower limit at $1.23 representing support for ADA. The mean average of the Bollinger bands at $1.54 represents resistance for ADA.

The RSI is trading at the borderline of the oversold and the neutral zone at index 30, indicating a lack of momentum from either side but the low score of the indicator hints at the price of ADA being under pressure.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows the price breakup was upwards today, and the bulls uplifted the price fairly during the first four hours. The price function prior to that was continuously downwards for 16 hours. However, selling pressure has again shown up, and the price is traveling down again.

Cardano price analysis: ADA facing trouble in maintaining a $1.3 level as market sentiment turns negative slowly 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility is mild on the 4-hour chart, but the Bollinger bands are again expanding, hinting at the volatility to be high in the coming hours. The upper band is standing at the $1.47 level, and the lower band is at the $.27 limit representing support for the coin. The average line of the indicator at $1.37 represents resistance for the crypto pair. The RSI is again trading towards the lower side as the indicator’s curve is turning downside again due to selling activity that started back.

Cardano price analysis conclusion

The Cardano price analysis shows the cryptocurrency is hardly maintaining its price level, and there are imminent chances for the bears to take over again as the price has been observed covering a downwards range in the last four hours as well. The market pressure is high, and if it continues, the ADA/USD may close in red today.

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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