The Cardano price analysis is showing bears are in the lead today. Bears started gaining strength at the start of the trading session and took the price down to the $0.445 range, where recently ADA found support and bulls are trying to take charge. Previously coin was showing slow bullish momentum for the past two days, but today bears have caused ample damage to the price value. However, the price is recovering at the moment, but the bears are still in dominating position as the price has only recovered up to $0.449.
ADA/USD 1-day price chart: Bulls unable to recover after the bearish shock
The 1-day price chart for Cardano price analysis shows the price has decreased today as the bearish trend intensified further. If observed over the past 24 hours, the coin shows no profit or loss for this time as bears have nullified the gains made yesterday. Bulls are trying hard to take over the price function, but the bearish influence is still strong. ADA/USD suffered a loss of 9.80 percent in value in the last seven days, as the crypto pair is trading at $0.449 at the time of writing. The trading volume has decreased by 11 percent today.
The volatility is relatively mild and slowly increasing as Bollinger bands show slow divergence, with the upper band present at $0.517 representing the strongest resistance and the lower band present at the $0.434 level, representing the strongest support for ADA. The average of Bollinger bands is at $0.475 above the price, and the moving average (MA) is also traveling down towards the price level, which is currently present at $0.464. The relative strength index (RSI) is on the downtrend and is present at index 40 in the lower half of the neutral region.
Cardano price analysis: 4-hour price chart and further technical indications
The 4-hour Cardano price analysis chart shows the bears caused heavy damage during the first four hours of the trading session today, but on the other hand, bulls are trying to uplift the price levels as the last green candlestick is marking a recovery in price on the chart. The day started with selling pressure, and bears provided resistance and devalued the price, but bulls may take charge again; however, the trend may remain bearish for the day.
The volatility is comparatively low, as Bollinger bands are narrowing, with the upper end of Bollinger bands at $0.458 and the lower end at the $0.441 level. The moving average is at the $0.451 mark, and the Bollinger bands average is at the $0.450 mark; both averages are above the current price level. The relative strength index (RSI) is moving up slowly due to the appearance of the support and shows a score of 45 in the lower half of the neutral zone. The indicator hints at the buying activity resuming in the market.
Cardano price analysis: Conclusion
The 1-day and 4-hour Cardano price analysis shows a bearish trend for today. The price fall intensified at the start of the trading session, which markets the trend in a bearish direction. The current appearance of support from the bullish side has stopped the price slippage but diverted the trend bulls need much more support from the buyers.
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