- Cardano price analysis suggests sideways movement above $0.3000
- The closest support level lies at $0.300
- ADA faces resistance at the $0.3073 mark
The Cardano price analysis shows that the ADA price action has fallen to the $0.3000 mark as bears take hold of the market.
The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include ETH and DOGE, recording an 5.13, and a 5.12 percent decline, respectively.
Cardano price analysis: ADA returns to $0.300
The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows steady bearish momentum as observed in the tall height of the histogram. Furthermore, the indicator’s darker shade suggests that the bearish momentum is still growing as the price approaches the $0.300 resistance level.
The EMAs are currently trading around the mean position as net price movement over the last ten days remains low. However, as the two EMAs diverge further, the 12-EMA started to fall below the mean position reflecting the recent positive movements. At press time, both EMAs are headed upwards suggesting strong buying activity.
The RSI has been trading in the neutral region for some time but it was trading above the mean level for the past 14 days. Now, the index has fallen to the 39.59 unit level where it hovers momentarily. The indicator issues no signals at the moment while the horizontal movement suggests a struggle for dominance between the bulls and the bears.
The Bollinger Bands are expanding at the momentum to facilitate the recent bullish rally. However, the price finds support at the $0.300 mark which may enable the bulls to stabilize the price action again. At press time, the indicator’s bottom line provides support at $0.2994 while the mean line presents a resistance level at the $ mark.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, only two of the indicators support the bulls showing low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Cardano price analysis shares this sentiment and also issues a sell signal with 16 indicators suggesting a downward movement against only one of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while little to no buying pressure exists for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time
What to expect from Cardano price analysis?
The Cardano price analysis shows that strong bearish momentum enabled the bears to cause a price drop to the $0.3000 mark. However, the bulls find short-term support at a level that may make things difficult for the bears.
Traders should expect ADA to stabilize at the $0.3000 price level as key support lies at that level. While both of the mid-term technical indicators are bearish the drift between the 4 and the 24-hour technicals shows an increasing bullish pressure. However, in case of a bearish breakthrough at the $0.3000 support, the next key support lies at the $0.2600 mark.
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