Cardano Price Analysis: ADA/USD bearish for the next 24 hours

Cardano price analysis

TL;DR Breakdown

  • The Cardano price analysis is bearish.
  • The resistance for ADA is found at $1.30.
  • ADA/USD is currently trading at $1.22.

The Cardano price analysis is bearish, as the cryptocurrency has been desecrated to $1.217, the psychological barrier for sellers established by the bears at $1.32. The price function is heading down again, and a red candlestick marks a drop in price as the downward trend has resumed. Bulls attempted to control the market earlier when ADA’s value increased dramatically. However, today the ADA price trend has been broken.

The Awesome Oscillator has been in a downward trend for some time now, indicating bearish momentum in the market for ADA. The price action is descending even further after breaking the 20 periods MA. This may result in a more steady decrease in value, with stronger support being established at $1.17 rather than being rejected from previously set resistance levels.

The short-term future of Cardano will be determined by the bullish or bearish nature of the next candlestick, which has not yet been opened. If it opens red, then ADA will head down to retest previous lows before eventually going up once more to test resistance found at $1.30. On the other hand, if it opens green, it may move up slightly to retest previous highs.

Any deviation from this trend will indicate a change in momentum, which is often followed by an increase or decrease in the value of the ADA cryptocurrency. The trading volume of Cardano has not increased or decreased recently, which means that the coin is either stable or there are few buyers or sellers at the moment, depending on which way you believe price action is heading.

The Stochastic Oscillator has reached the oversold area, indicating extreme bearish momentum and suggesting another downward movement for ADA’s price once all sell orders have been filled. However, if bulls take back control, it may begin to head upwards again as its value increases due to improved sentiment.

The trading volume for ADA has increased recently, but this change is insufficient to determine the future trend direction. Suppose traders are confident about their investments in Cardano. In that case, they can use this opportunity to purchase coins with strong support at $1.17, which will provide an excellent buying opportunity according to the cryptocurrency’s price action.

ADA/USD four-hour price analysis chart: Recent developments

The Cardano price four-hour analysis shows a downward trend, with the bears maintaining their edge strongly. The price began at an extreme loss at the start of the trading session and has been in continual decline for the last four hours, as bearish momentum has been rising. Because of bearish pressure, the price has fallen below the 20 and 100 periods MAs and is approaching the support found at $1.17.

The most recent candlestick is closing in on the lower Bollinger Band, suggesting that ADA’s value will move towards this level in the next trading day with a very low probability of returning to retest it as resistance. The Awesome Oscillator follows closely behind, showing that there is no sign of momentum switching into bullish territory within the short-term, allowing bulls to take advantage of any upward movement that may occur.

Cardano Price Analysis: ADA/USD bearish for the next 24 hours 1
ADA/USD 4-hours price chart. Source: TradingView

The SMA 50 line is still rising above the SMA 20 mark, indicating that the decline continues. The upper Bollinger band has reached $1.372, while the lower Bollinger band has risen to $1.164 and serves as ADA/USD’s support level. On a downward trend, the RSI score is in the neutral zone with an index of 40, implying that selling occurs.

Cardano Price Analysis: Conclusion

The Cardano price is bearish today, as we anticipate ADA to test further downside in the coming hours, following its sharp drop earlier. The negative trend still holds sway over the market, and ADA is expected to remain bearish for the next several hours.

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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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