The Cardano price analysis is bearish as selling pressure has built from the bearish side. The market followed the bullish trend for the past two days, and the coin gained significant value during this time, but a correction was due for continuing further upside later on.
The conditions have changed as the bears have resisted further up moves today, and the crypto pair has started a correction. However, support is present at $0.2631, and if the support persists, then it may stop the price slippage below this point.
ADA/USD 1-day price chart: price levels descend to $0.266
The 1-day price chart for Cardano price analysis shows bears are defining the price curve today. The ADA/USD is correcting after the bullish recovery of yesterday. The ADA/USD pair is trading hands at $0.266 at the time of writing. The past week overall proved detrimental for the crypto pair as it gained around 8.35 percent value over this time despite the downward made today. The selling pressure has returned, and the trend is the same as the bears are defining the price function by bringing the price down.
The price has been trading below the moving average (MA), which is present at $0.253. The MACD indicates the bearish bias, with the red line crossing down the blue. The relative strength index (RSI) is also confirming the downtrend for today as it is on a steep downward curve at index 34.48, indicating the selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows that bears are striving for the lead and have caused some damage to the overall value of the coin, but at the same time, the bulls have dodged the bearish pressure as support has appeared and the price function is headed up once again.
The moving average (MA) is still on a downtrend and the MACD indicates an upward trend as the histogram is in red, but the signal line is below the zero line. Also, the RSI (relative strength index) is at a balanced position of 65.58, which shows that buying and selling pressure is equal in the market.
Cardano price analysis conclusion
The Cardano price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader market is bearish as well. The support present at $0.2631 is strong enough to keep the crypto afloat above, but if the support falters, then ADA/USD may roll down toward the $0.2625 level.