- Cardano price analysis shows a strong bearish trend
- ADA prices have significant support at $1.10
- Cardano prices have declined by 7.93 percent
Cardano price analysis is down by 7.93 percent over the last 24 hours, and it currently trades at $1.14. The coin has a market capitalization of $37.61 billion and a 24-hour trading volume of $5.09 billion.
Cardano‘s price analysis shows a strong bearish trend as the coin struggles to find buyers above $1.20. The market looks set for further declines as the bears target $1.10 support.
On the 4-hour chart, the ADA/USD pair is trading below the 50 and 100 Simple Moving Averages. The Relative Strength Index has declined to the oversold levels, which indicates that the sell-off is not yet over.
Cardano price analysis on a 1-day price chart: Bears take control as prices sink to new lows
On the 1-day Cardano price analysis chart, the ADA/USD pair has formed a descending triangle pattern. The pair is currently trading at the support of $1.10. A breakout below this level could see the price decline to $0.90.
The bears have taken control of the Cardano market as prices sink to new lows. The 4-hour chart shows that the ADA/USD pair has found support at $1.14. To invalidate the bearish trend, the bulls will need to push the price above the $1.20 resistance. Above this level, the price is likely to rally to $1.30 and $1.40.
ADA/USD 1-day price chart, source: TradingView
Cardano price action on a 4-hour price chart: Prices continue to sink as bearish momentum increases
We can observe that Cardano prices have formed a descending channel pattern on the 4-hour chart. The cryptocurrency is now trading near the bottom of the channel against a strong resistance at $1.15. ADA’s trading volume has been decreasing slowly over the past few days, and it is currently at $1.32 billion. As a result, the market is likely to see a breakout below $1.14 support. Below this level, the bearish trend is expected to continue as the price declines toward $1.10.
On the 4-hour chart, we can see that the MACD has crossed to the downside and is currently trading near the centerline. The RSI is currently trading at 40, which indicates that the market is oversold.
ADA prices are currently testing the SMA 50 support region, and a break below this level may lead to Cardano price falls towards the $1.10 support area. However, if bulls can push prices higher than the $1.15 resistance line, we could see Cardano prices begin to rise.
Cardano prices have declined by 7.93 percent over the last 24 hours, and it currently trades at $1.14. The coin has a market capitalization of $37.61 billion and a 24-hour trading volume of $5.09 billion.
Cardano price analysis conclusion
The current Cardano price analysis reveals that the market remains in a bearish mood, with prices diving to new lows. The bears appear to be in charge as the cryptocurrency tries to gain support but fails. We’ll need a breakout and close above $1.20 resistance levels to start seeing Cardano values rise higher. The ADA price should stay above the $1.14 level to avoid further losses.
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