Cardano price analysis: Bearish run brings ADA value down to $0.2444

Cardano price analysis

TL;DR Breakdown

  • Cardano price analysis shows a bearish trend
  • Support for ADA prices is present at $0.2404
  • Resistance for SOL is present at $0.2453

Cardano price analysis confirms a bearish trend as the market slides down to $0.2444, after failing to break the resistance at $0.2453. The current bearish trend is being driven by a lack of strong buying pressure and market momentum. Since previous highs of $0.2453, ADA has been in a steady downward slide, losing over 0.11% in value at the time of writing, but a bullish trend might return back as soon as the market finds new support levels.

ADA/USD 1-day price chart. Cardano steps down to the $0.2444 range

The daily Cardano price analysis indicates a decreasing trend for the market as it steps down to $0.2444 today. The market may find some support at the $0.2404 level, but the bears are in control as they push the price down to the $0.2390 support level in the short term. The market is oversold, and the selling pressure is quite high. A consolidation phase may occur at these levels before the market resumes its downward trend.

image 612
ADA/USD 1-day price chart. Source: TradingView

The moving average(MA) value for the one-day ADA/USD price chart is presently placed at $0.2551, which is well below the current market value of $0.2444 showing a bearish trend for the market. The MACD indicator is presently in the bearish zone as the signal line crosses over the histogram. The RSI indicator shows a value of 29.13, which indicates that the market is currently oversold. The Bollinger bands are presently in the bearish zone as the prices have breached below the lower band. This indicates that the market is in a bearish trend as of now.

Cardano price analysis: Recent developments and further technical indications

The 4-hour chart of Cardano price analysis shows that the price is a downtrend as it forms lower highs and lower lows. The red candlestick pattern is indicative of increased selling pressure in the market. Looking ahead, the selling pressure in the market may continue as long as the current bearish trend remains intact.

image 613
ADA/USD 4-hour price chart. Source: TradingView

The MACD indicator has moved below the signal line and is currently in the bearish zone. The RSI has also dropped to 28.92, indicating that the market is oversold. The Bollinger bands are also in the bearish zone as they move further away from each other. Meanwhile, the moving average (MA) value rests at $0.0.2433.

Cardano price analysis conclusion

The Cardano price analysis shows that the market is bearish as it slides down to $0.2444 today. Traders should wait for the market to find some support before entering into any long positions. In addition, the market is oversold and a consolidation phase may occur before the market resumes its downward trend, we can expect the market to fall to $0.2404 in the short term.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

Related News

Hot Stories

What is Blockchain and How Does it Work?
Binance and Mastercard to launch crypto card in Brazil
Australian regulator is raising concerns about FTX collapse
All You Need to Know about Crypto Wormholes
Complete Guide to Crypto Portfolio Management

Follow Us

Industry News

Binance and Mastercard to launch crypto card in Brazil
Hermes set to commence trademark infringement trial
UK regulator targets FTX-linked charity
Mining Bitcoin just got a lot harder—see why
Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy

Add Your Heading Text Here