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Cardano Price Analysis: Selling pressure returns as ADA drop to $0.3387

Cardano

TL;DR Breakdown

  • Cardano price analysis is bearish today
  • Support for ADA is present at $0.3372
  • Resistance for ADA/USD is present at $0.3668

The most recent Cardano price analysis indicates that the performance of Cardano has continued to show a negative trend. The latest data shows that it has regressed by 5.40% over the last 24 hours. The price value of Cardano is currently in the $0.3427 range.

Support for the ADA/USD pair is at $0.3372, while resistance is situated around $0.3668. The current CoinMarketCap ranking is #8, with a live market cap of $11,791,650,548. It has a circulating supply of 34,396,129,777 coins and a max. supply of 45,000,000,000 coins.

ADA/USD 1-day price chart: The bearish wave continues following a brief pause

The one-day Cardano price analysis reveals a further decline in price has been recorded, with the current exchange rate standing at $0.3443 at the time of writing. 

The volatility for ADA has slightly increased as well as the Bollinger bands have diverged a bit. The upper band is currently at $0.4441, which represents resistance to the coin’s price function, and the lower band is at the $0.3333 mark, which stands in support of the cryptocurrency pair. At $0.3789, the moving average (MA) is trading above the price level.

image 215
ADA/USD 1-day price, source: TradingView

The Relative Strength Index (RSI) graph shows a downward curve as the score dropped up to 40.95. The selling pressure and selling activity that is now taking place in the market is indicated by the RSI’s downward slope.

Cardano price analysis on 4-hour chart: Recent developments and further technical indications

The 4-hour Cardano price analysis reveals that a downtrend has been taking place for the past few hours. The bearish momentum is getting stronger, and ADA/USD currently trading at $0.343 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 214
ADA/USD 4-hour price chart, source: TradingView

The moving average value in the 4-hour Cardano price chart is at 0.3523 just above the trading price. The bands of the Bollinger band indicator are contracting indicating a gradually falling volatility. The upper band is at the $0.4442 mark with the lower one placed at $0.3331. The RSI index is facing on the downside and is placed at 40.93 which hints at the selling pressure in the market. 

Cardano price analysis conclusion

In conclusion, Cardano price analysis shows a market in favor of the bears. A breakout below or above the current level could however see prices move in either direction. The global crypto market has seen a trend of losses over recent hours. The negative trend has been spurred by the crisis in the FTX exchange platform which has seen a great outflow. There is a likely chance of the negative trend continuing. The global market cap value has also been affected. The latest data shows that it is estimated to be $885 Billion, a -3.41% change in the last 24 hours and a -69.93% change one year ago.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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