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Cardano price analysis: Price levels down to $0.319 as bearish pressure prevails

Cardano

TL;DR Breakdown

  • Cardano price analysis shows a bearish market sentiment
  • Resistance for ADA/USD is present at $0.3317
  • Support for ADA is present at $0.3182

Cardano price analysis shows a bearish momentum as the price declined to the $0.318 level today. The resistance for the ADA/USD pair is at the $0.3317 level and a break above this level may lead to further movement on the upside. The support for ADA/USD is present at $0.3182 and a break below this level may cause a dip in price. The price for ADA/USD pair has declined by 1.92 percent in the last 24 hours. A trading volume of $156,977,707 and a total market cap of $11,202,000,428 has been attained by the altcoin.

ADA/USD 1-day price chart: Selling pressure swallows another 1.92 percent

The 1-day Cardano price analysis reveals a bearish momentum after a brief action by the bulls. ADA shows a loss in price value amounting to 1.92 percent, which may increase over time as the price levels continue to recede. The relative strength index  (RSI )is currently at 40.48, signaling a movement toward the oversold region. 

image 350
ADA/USD 1-day price chart. Source: TradingView

The upper band of the Bollinger band indicator is at $0.4326, representing the strongest resistance, on the other hand, the lower band is at $0.2880, representing the strongest support for the ADA. The MACD indicator shows that the MACD line is currently below the signal line signaling a developing bearish retracement.

ADA/USD 4-hour price chart: Recent developments and further technical indications

The Cardano 4-hour price analysis indicates that the bulls have been ruling the price function as the buying function has increased even today. The price is currently present at a $0.3195 position; however, it is expected that the correction will soon end.

image 349
ADA/USD 4-hour price chart. Source: TradingView

On the technical front, the Bollinger band indicator shows declining volatility with the upper band at $0.3321 setting the new resistance while the lower band is at $0.3174 indicating the new support for the trading session. The RSI indicator finds its place at the 42.97 level and is moving in a sideways direction. This shows bullish actions are in place. On the other hand, the MACD indicator shows a green market with prices above the histogram.

Cardano price analysis conclusion

Cardano price analysis conclusion reveals the cryptocurrency’s value to be decreasing. The bulls however have come to the rescue in the short term improving the current situation. The bears are expected to make a move soon; as the support breaks, the bulls gain a substantial chance to retake the market and raise the value of Cardano. It will be interesting to see how the market moves in the near future

.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.

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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