logo

Cardano price analysis: ADA declines to $0.58

Cardano price analysis: ADA declines to $0.58

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • The strongest resistance is present at $0.62.
  • Cardano trading price is $0.58 at the time of writing.

Cardano price analysis shows rising signs as the market shows downside risks. The bears have somewhat regained their control of the Cardano market, which will change the course of the market for the worse, and ADA now expects a complete bearish period to take over in the next few days. However, the bulls will do everything in their power to regain their control.

The market shows the price of Cardano crashed yesterday to the $0.59 mark but spiked soon after to $0.61. Cardano continues a slight negative movement. However, Cardano prices decreased the next day, on June 7, 2022, again and reached $0.58. ADA currently trades at $0.58; ADA has been down 7.02% in the last 24 hours with a trading volume of $1,138,109,268 and a live market cap of $19,700,885,641. ADA currently ranks at #6 in the cryptocurrency rankings.

ADA/USD 4-hour price analysis

Cardano price analysis for 4-hours illustrates that the present condition of the market demonstrates negative potential as the price moves downwards. Moreover, the market’s volatility follows a slightly closing movement, resulting in the cryptocurrency being less prone to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $0.63, serving as the strongest resistance for ADA. Conversely, the lower limit of the Bollinger’s band is present at $0.53, serving as a support point for ADA.

The ADA/USD price travels under the Moving Average curve, indicating the market is following a bearish movement. However, as the market experiences relative volatility today, the Cardano price has less room to move towards either extreme. In addition, the ADA/USD price seems to move downward, signifying a decreasing market with further decreasing dynamics.

image 141
ADA/USD 4-hour price chart source: TradingView

Cardano price analysis reveals that the Relative Strength Index (RSI) score is 50 making the cryptocurrency enter the central-neutral region. Furthermore, the RSI score moves linearly, indicating that buying activity equals selling activity while moving towards stable dynamics.

Cardano price analysis for 1-day

Cardano price analysis for 1-day has experienced a fluctuating movement in the last few days. However, with the volatility increasing. Moreover, as the volatility opens, it makes the value of the cryptocurrency more volatile to change. As a result, the upper limit of the Bollinger’s band rests at $0.62, serving as the most substantial resistance for ADA. Contrariwise, the lower limit of the Bollinger’s band rests at $0.44, serving as the strongest support for ADA.

The ADA/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are opening in, indicating increasing volatility with massive room for further activity on either extreme. Hence, the price moves upwards towards increasing characteristics.

image 142
ADA/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 49, showing the cryptocurrency’s stable value. It falls in the central-neutral region. However, the RSI score follows a slight decreasing movement signifying a declining market and gestures toward devalued dynamics. In addition, the decreasing RSI score indicates selling activity superior to buying activity.

Cardano Price Analysis Conclusion

Cardano price analysis conclusion reveals the cryptocurrency’s value to be decreasing. The ADA/USD might soon enter a downright bearish dominion, decreasing the price of Cardano as they go. The bears are expected to make a move soon; if the support breaks, it will be considered a huge blow to the bulls, and the bears might take over.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

Related News

Hot Stories

What are the Limitations of Blockchain?
Polkadot price analysis: DOT surges to $6.87 after a successful bullish run
Web3 goes to school in India: Algorand announces game-changing partnerships
TRON DAO Establishes Artificial Intelligence Development Fund
NYU takes the leap into the future of education with Web3 and NEAR

Follow Us

Industry News

Web3 goes to school in India: Algorand announces game-changing partnerships
NYU takes the leap into the future of education with Web3 and NEAR
Nokia advances remote work via metaverse tech
Uniswap DAO Votes to Deploy V3 on Binance Smart Chain (BSC)
Kazakhstan president signs law to cap power consumption of crypto-mining

Add Your Heading Text Here