Cardano price analysis for December 06, 2022, reveals the market following a bearish movement, obtaining some negative momentum, signifying a loss of positivity for the ADA market. The price of Cardano has remained negative for the last 24 hours. This has caused the price to reach down to $0.3187.The trend appears to be turning and selling pressure has emerged, putting the bears in control of the market. As the cryptocurrency has yet to break over this level, the price is encountering resistance at the $0.3288 level. The 24-hour trading volume for ADA/USD has decreased by 1.70% and is currently at $183,771,966, and the market cap is at $10,973,747,737
Cardano price analysis for 1-day price chart: ADA shows a negative sign
The 1-day Cardano price analysis chart is heading in a bearish direction. Cardano price analysis reveals the market’s volatility following a declining movement, which means that the price of Cardano is becoming less prone to experience variable change on either extreme. The upper limit of Bollinger’s band is present at $0.3286, Conversely, the lower limit of Bollinger’s band is present at $0.3042.
The Cardano price analysis shows the Relative Strength Index (RSI) has marginally reduced as well because of the decrease in price and is present at an index of 40.87 in the lower half of the neutral zone. The moving average (MA) is trading at the $0.3164 mark.
ADA/USD 4-hour price analysis: Latest development
The 4-hour price chart reveals the market’s trend has shown a bearish trend in the last few days. As a result, the market has decided on a negative approach. The less volatile market may be unfavorable for the bears as the bears now have good chances of maintaining their movement and deprecating the value of ADA even more. However, this will prove to be quite disadvantageous for the bulls.
The upper Bollinger band is now at $0.3276, whereas the lower Bollinger band is situated at the $0.3143 level, and if the downfall continues, then soon the price will travel below the MA level. The Relative Strength Index (RSI) is 52.46, showing a relatively stable cryptocurrency stock. This means that the cryptocurrency falls in the lower neutral region. Furthermore, the RSI appears to move downward, indicating a decreasing market. The dominance of selling activity causes a declining RSI score.
Cardano price analysis conclusion
Cardano price analysis shows that the ADA is struggling at the $0.3187 level and continues to fall as bearish momentum returns. The 1-day and 4-hours Cardano price analysis indicates that the bears are in control of the market, and they have decreased the price levels to $0.3187. Further decrease in cryptocurrency’s price can also be expected as the support is still further low at $0.3173.
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