- Cardano price analysis shows a strong bearish trend
- ADA prices have major support at $1.10
- Cardano prices have declined by 7.93 percent
Cardano price analysis shows that the cryptocurrency’s price has decreased to $1.12 after a brief period of consolidation. Cardano’s ADA token faces stiff resistance at the $1.20 area. The overall market sentiment for Cardano remains bearish as prices sink to new lows. Cardano prices had seen a strong bullish wave over the past few days as the cryptocurrency surged to highs of $1.32. However, the bullish momentum was short-lived as prices quickly started to decline. At the time of writing, ADA prices have declined by 7.93% and are trading at $1.12.
Cardano price action on a 1-day price chart: Bears take control as prices sink to new lows
On the 1-day price chart, we can see that Cardano prices have been on a strong downtrend over the past few hours. The cryptocurrency has fallen against a rising wedge pattern and is currently trading close to the $1.10 support area. The RSI indicator is showing signs of oversold conditions as prices remain below the 50 levels. However, the MACD indicator is still bearish as the signal line continues to trade above the price action. For Cardano prices to start climbing higher, we will need to see a break and close above the $1.20 resistance area. The SMA 50 and SMA 200 are also close to providing resistance at the $1.20 area.
Cardano price action on a 4-hour price chart: Prices continue to sink as bearish momentum increases
On the 4-hour price chart, we can see that Cardano prices have formed a descending channel pattern. The cryptocurrency is currently trading at the lower end of the channel and is facing strong resistance in the $1.15 area. ADA trading volume has been slowly declining over the past few days and is currently at $1.32 billion. The RSI indicator is showing signs of bearish momentum as prices remain below the 50 levels. However, the MACD indicator is still in a bearish crossover as prices continue to struggle.
The SMA 50 support area is currently being tested by ADA prices and a break below this level could see Cardano prices decline towards the $1.10 support area. On the other hand, if bulls can push prices above the $1.15 resistance area, we could see Cardano prices start to climb higher. The Bollinger bands are close to converging which could signal a period of low volatility in the market.
Cardano price analysis conclusion
Cardano price analysis today shows the continued bearish sentiment in the market as prices sink to new lows. The bears seem to be in control as the cryptocurrency struggles to find support. For Cardano prices to start climbing higher, we will need to see a break and close above the $1.20 resistance area. The bulls on the other side will need to defend the $1.10 support area to avoid further losses.
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