Cardano price analysis: ADA corrects at $0.504 as pressure builds after bullish spike

Cardano price analysis: ADA corrects at $0.504 as pressure builds after bullish spike
TL;DR Breakdown
  • The Cardano price analysis shows a bearish trend.
  • Resistance for ADA is present at $0.518.
  • Support for ADA/USD is present at $0.457.

The most recent Cardano price analysis shows a relatively bearish approach for today, as the price is correcting again at the moment. The coin has been displaying bearish momentum since 24 July 2022, and the price went down to $0.464 on 26 July 2022. Yesterday the price breakout was also downwards, and the trend remained bearish for the first half, but then, the coin started to rally high and gained significant value during the second half of the day, that is 27 July 2022.

Today the coin is retracing downwards, and the price has reached down to $0.504 currently as the selling pressure is building in the market. The next inline support for ADA is present at $0.490, followed by another support at $0.457.

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ADA/USD 1-day price chart: ADA retraces down as bears take the lead

The one-day Cardano price analysis gives a bearish indication regarding today’s price movements. The price showed a downward inclination during the past eight hours because of the sudden bearish return. The red candlestick on the one-day price chart hints at a decrease in cryptocurrency price value. Although the bulls were winning successively yesterday, today, the price declined up to $0.504. Still, the current price stands higher than its moving average (MA) value of $0.495. The coin has gained at least 4.17 percent value during the past week as the trend line is slightly upward for this time frame. The trading volume has increased by 89 percent today, and the market dominance is 1.62 for ADA/USD.

ADA 1 day 10
ADA/USD 1-day price chart. Source: TradingView

The volatility is increasing, which is a positive signal regarding future market trends as the upper limit of the volatility indicator is moving up, and the price might receive a bullish boost in the near future. Discussing the upper and lower values of the Bollinger bands indicator, the upper band is at the $0.534 level representing the resistance, whereas the lower band is present at the $0.414 level representing support. The Relative Strength Index (RSI) graph presents a descending curve, and the score has reduced to index 54, indicating the selling activity in the market.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis predicts a strengthening bearish trend for the market as the sellers have controlled the price flow for the past few hours. A series of red candlesticks are appearing on the 4-hour price chart, thus confirming a downtrend. The bearish pressure has reduced the coin’s value to $0.504. Because of the previous uptrend, the moving average (MA) curve is still going steeply upwards at the $0.484 level.

ADA 4 hour 8
ADA/USD 4-hour price chart. Source: TradingView

The Bollinger bands are now making an average of $0.480 below the MA level. At the same time, the upper band is present at $0.516 high while their lower band is trading at $0.444. Meanwhile, the RSI score experienced a decline to index 58 because of the unexpected bearish pressure, but the indicator is still at an acceptable level. A further decrease in ADA/USD value is expected in the next few hours.

The past few weeks have been good for the bulls as prices endured positive growth. The general analysis leads the cryptocurrency buyers, which is further confirmed by the technical indicators chart. There is a buying hint with 11 indicators, nine indicators are standing neutral, and six indicators suggest selling.

Cardano price analysis conclusion

The 1-day and 4-hour Cardano price analysis support the bears as of now, as the price underwent a considerable decline today. The bearish momentum is intensifying, which is why the coin’s value now rests at $0.504. A further drop in the market value of ADA/USD can be expected in the next few hours if selling pressure continues.

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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