- Cardano price analysis suggests sideways movement at the level
- The closest support level lies at $0.4300
- ADA faces resistance at the $0.4400 mark
The Cardano price analysis shows that the price has found support at the $0.4300 mark, enabling the bulls to recover to the $0.4350 mark. However, the bearish momentum is yet to disperse, and the price moves sideways between the $0.4300 and the $0.4400 mark.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include XRP and XLM, recording a 9.93 and a 6.11 percent incline.
Cardano price analysis: ADA returns to $0.4350
The MACD is currently bullish, as expressed in the red color of the histogram. However, the indicator shows low bullish momentum as the MACD has only recently exhibited a bullish crossover. On the other hand, the darker shade of the histogram suggests that the bullish pressure is increasing across the short-term charts, but the net momentum remains low.
The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. Moreover, as the short-term charts observe low volatility, the two EMAs are moving horizontally, suggesting a lack of momentum on either side. Moreover, as the two EMAs move together, the momentum will not change by much.
The RSI has been trading in the neutral zone for the past ten days since the index dropped into the oversold region on September 19. Currently, the indicator hovers at the 43.85 index unit level and is moving horizontally, suggesting low net activity across the short-term charts. While the indicator is neutral, the mean position leaves room for volatile movement in either direction.
The Bollinger Bands is narrow as the Cardano price observed low volatility across the past few days and now converges further as the price returns to the indicator’s mean line. Currently, the indicator’s bottom line provides support at the $0.4264 mark, while the upper limit presents resistance at the $0.4461 mark.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, only one of the indicators supports the bulls showing a little to no bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Cardano price analysis shares this sentiment and also issues a sell signal with 14 indicators suggesting a downward movement against only two indicators suggesting an upward movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying pressure for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Cardano price analysis?
The Cardano price analysis shows that after the rejection at the $0.4600 mark, the price crashed to the $0.4300 mark, where the bulls found short-term support. Currently, the price is moving between the $0.4300 and the $0.4400 mark as either side struggles to gain market control.
Traders should expect ADA to continue moving sideways as the bulls and bears struggle to gain dominance. However, a bearish breakdown is more likely as the sentiment is supported by the 4 and 24-hour chart analyses. On the other hand, while the short-term technicals are bullish, they are subject to volatile changes.