Cardano price analysis: Downfall continues as bulls are crushed under bearish pressure

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis suggests further downward movement
  • ADA faces resistance at the $0.3348 mark
  • The closest support level lies at $0.3223

Cardano price analysis reveals the cryptocurrency is facing loss once again as a heavy sell-off has been observed today. The price improved significantly in the last week, and the trend line was continuously upward since 16th November, but today a major decline in price has been reported. Though a bullish interval was also observed in the previous day, and opportunities appeared for the upside, the bears returned more aggressively. The price has been dragged down to $0.3235 as a consequence of the downtrend with a 2.63 percent decrease over the 24 hours interval.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis confirms that a bearish trend has been at its peak. The bears have maintained their lead quite efficiently by bringing the price down to the $0.3235 level. The price might move towards a new low, and the bearish momentum seems to be intensifying every hour. The moving average is still quite high and is settled at the $0.096 position for now.

image 302
ADA/USD 4-hour price chart. Source: TradingView

The volatility is high, which is why the Bollinger bands average is now at $0.3236. Whereas the upper Bollinger band value has now reached $0.3446, and the lower Bollinger band value is now at $0.3203, just below the price. The RSI score has dropped because of the bearish trend as well and has moved down to index 45.27, indicating selling activity.

ADA/USD 1-day price chart: Bears in control as Cardano prices fail to breakout

The 1-day Cardano price analysis shows that the ADA/USD has been on a downtrend last 24 hours. The next few hours of trading are crucial for the market as the market is expected to make a move out of the recent consolidation. The market is expected to break out to the upside or downside in the near term. The market has seen some respite over the few days as prices found support at $0.3223 and resistance at $0.3348. However, the bulls have failed to capitalize on this and push prices higher.

image 303
ADA/USD 1-day price chart. Source: TradingView

The recent defeat has marked the price below the moving average (MA) level, i.e., $0.3380 as well. The short-term trending line was upward as bulls dominated for the past days, but today a turn in trends has been observed. The volatility is low as the upper Bollinger band has moved to the $0.4462 position, whereas the lower Bollinger band is at $0.3005. The Relative Strength Index (RSI) has taken a turn downwards and is on a steep downslope at an index of 44.31 because of the downtrend.

Cardano price analysis conclusion

Based on the current Cardano price analysis, it is evident that the bearish momentum is strong and has seized control of the market. The bulls have been crushed under massive selling pressure in today’s trading session, and a new low looks imminent. The trend line has also been breached to signal further downward movement in ADA prices.

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 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.

Related News

Hot Stories

Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle
Litecoin price analysis: Bears continue to drive LTC down to $97.82
Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike
US SEC plans to scrutinize crypto advisory firms in 2023
Cardano price analysis: Can the bulls break past the $0.4000 mark?

Follow Us

Industry News

US SEC plans to scrutinize crypto advisory firms in 2023
Former JP Morgan banker heads SEBA's Asia pacific division
Russian bank Gazprombank worried about digital ruble impact on fiat
AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships

Add Your Heading Text Here