- The Cardano price analysis is bearish.
- The resistance for ADA is found at $1.30.
- Support is present at $1.17.
The Cardano price analysis is bearish as it shows the cryptocurrency has been devalued to the $1.217 limit as the bearish momentum has been revived. The price function is headed down again, and the red candlestick is marking the loss in price as the downward trend has been restored. The bulls tried to take over the market earlier as the price went through significant improvement. Yet today, the bears have been able to take their position back after causing a decline in ADA price.
ADA/USD 1-day price chart: ADA price declines as bears exert control
The 1-day Cardano price analysis shows that the bears have returned to the price chart as the price underwent a considerable decline during the day. The price has moved down to a $1.217 position losing 1.08 percent value during the last 24 hours, as the bears were able to make a strong comeback. Overall, the past week proved quite favorable for the bears as a constant downtrend was observed, and the coin lost more than 10 percent over the past week. The market cap has also been reduced by 1.71 percent.
The price is still below the moving average (MA) value which is standing at $1.308 for the day. A crossover between SMA 20 and SMA 50 was recorded earlier, as the last 24 hours remained unprofitable for the market. The one-day price chart is also showing the Bollinger bands. Indicator’s values; the upper one is $1.512, and the lower one is $1.176. The Relative Strength Index (RSI) score is also on a downwards slope, and its score has reduced to index 40.
Cardano price analysis: Recent developments and further technical indications
The four hours Cardano price analysis confirms a downward trend as the bears have been maintaining their lead quite proficiently. The price underwent extreme loss at the start of the trading session and had been undergoing constant reduction during the last four hours as well, as the bearish momentum has been on the rise. The price has gone down to the $1.218 level in the last four hours because of bearish pressure. The moving average value in the four hours price chart is $1.22 above the price level.
The SMA 50 curve is still traveling above the SMA 20 curve, which is a further indication of a downtrend. Whereas the upper Bollinger band has reached the $1.372 mark while the lower Bollinger band is touching the $1.164 mark and also representing support for ADA/USD. The RSI score is hovering in the neutral zone and is present at index 40 on a downwards trend indicating the selling activity.
Cardano price analysis conclusion
The Cardano price analysis is bearish today as we expect ADA to test further downside in the coming hours following the steep decline earlier. The bearish impulse still rules the market, and ADA is also expected to remain bearish for the coming hours.
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