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Cardano price analysis: Bearish sweep marks price movement below the $0.840 level

Cardano price analysis: Bearish sweep marks price movement below the $0.840 level

TL;DR Breakdown

  • The Cardano price analysis shows a bearish trend.
  • Resistance for ADA/USD is present at $0.897.
  • Support for ADA is present at $0.788.

The most recent Cardano price analysis confirms a decreasing trend for cryptocurrency today as the coin value has degraded. The market has been following a bearish trend after 5 April 2022 as the trend line has been going downwards since then. Bullish efforts observed during this time were weak and could not sustain the bearish pressure. The same is the trend for today as the price function is following a downwards route today. The price, after stumbling down, has reached a $0.813 low. Chances are there for further decrease in price as well as the downtrend is intensifying at the moment.

ADA/USD 1-day price chart: bulls to hold on to $0.788 support

The one-day Cardano price analysis confirms a strong bearish trend for today as the coin value has undergone a considerable decline during the last 24 hours. The selling pressure remained persistent throughout the last week. And today, the market is again in support of the bears as the price has decreased up to the $0.813 level. In this way, it has reached near the lower limit of the volatility indicator again, and the moving average (MA) has been left far above, which is currently $0.867.

ADAUSD 1 day price chart 2022 04 29
ADA/USD 1-day price chart. Source: TradingView

The volatility is high, but the indicator shows a downwards movement, which is quite discouraging news regarding the upcoming price trends. The upper Bollinger band now rests at $1.017, representing the highest resistance, and the lower Bollinger band is found at $0.809, which represents the support for ADA. The Relative Strength Index (RSI) score has reached index 32 and might soon enter the underbought zone as well if the selling pressure continues.

Cardano price analysis: Recent developments and further technical indications

The hourly Cardano price analysis shows a dramatic drop in price levels which intensified during the last four hours. The price breakdown was also downwards today, but bulls also tried to make a comeback late at night but were rejected after minimal efforts. A sharp decrease in price levels has been observed just recently as bears crashed the price down to $0.813. This sharp decline has come after prolonged efforts to maintain the price levels of the coin.

ADAUSD 4 hour price chart 2022 04 29
ADA/USD 4-hour price chart. Source: TradingView

The volatility is slowly decreasing on the 4-hour chart as the upper curve of the Bollinger bands is now converging downwards at the $0.876 mark. At the same time, the lower band is maintaining its position at the $0.806 mark below the price level. The RSI is also at a steep downwards curve at index 35 and is moving towards the border of the underbought area.

The majority of the technical indicators for ADA/USD are in support of bears as the trend has been downwards from the start of the month, and a sharp decline in price was observed just a few moments ago as well. This is why there are 16 indicators on the selling side, 10 on the neutral side, and non of the indicators support the buying side.

Cardano price analysis conclusion

The bears have taken over the market, as confirmed from the above daily and hourly Cardano price analysis. An overpowering bearish wave dominated the market in the past 24-hours as well, and the price has stooped down to $0.813. The selling pressure can be expected to intensify in the upcoming 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.
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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