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Cardano price analysis: Downtrend drags price level down to $0.3501 low

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis shows a bearish trend
  • Resistance for ADA is present at $0.3934
  • Support for ADA/USD is present at $0.347

The latest Cardano price analysis shows a strong bearish trend, as the price chart displays a continuous bearish curve. The market followed a declining trend in the past 24 hours, as the price decreased up to the $0.3501 mark. Further loss for ADA/USD is to be expected if the bears continue to reign the price charts.

Following a bullish trend in yesterday’s trading session, ADA/USD reached a high of $0.4027 before experiencing a sharp decline. The current resistance for the pair is present at $0.3934, while support can be found at the $0.347 mark.

ADA/USD 1-day price chart: The price curve follows a downward path to $0.3934 end

The one-day Cardano price analysis confirms that the market has been decreasing tendency for the past 24 hours. The past few weeks proved crucial for the cryptocurrency’s progress, as a strong bullish trend took, however, the bears have taken control and begun to push the price down. The digital asset has decreased by 11.66% in the last 24 hours as it currently trading at $0.3501 at the time of writing. The moving average (MA) value in the one-day price chart stands at $0.3933 point.

image 143
ADA/USD 1-day price, source: TradingView

The volatility is increasing, which means that the bearish wave is likely to expand in the upcoming days. If we talk about the upper and lower Bollinger bands indicator’s values, the upper band shows $0.4401 figures, whereas the lower band shows an $0.3386 value. The Relative Strength Index (RSI) index has dropped below the under-bought limit as well, i.e., 51.12.

ADA/USD 4-hour price chart: Recent updates

The 4-hour Cardano price chart confirms that a downtrend has been taking place for the past few hours. The bearish momentum is strong, and ADA/USD currently trading at $0.3501 as the price continues to drop. Bulls might attempt to turn the tide, but it is unlikely that they will succeed if the bearish trend continues to dominate.

image 142
ADA/USD 4-hour price, source: TradingView

The moving average value in the 4-hour price chart is $0.3675 just above the current trading price. The upper and lower Bollinger bands show a $0.4356 and $0.3413 mark, respectively. The RSI index is also below the underbought limit at 37.10, indicating that the bearish trend might continue further in the short term.

Cardano price analysis conclusion

To conclude, Cardano price analysis favors the bears today, as a noticeable decline in coin value was observed in the last 24 hours. The price levels collapsed to a $0.3501 low due to the latest bearish current. However, the bulls might attempt to turn the tide and push the price up once again.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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