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Cardano price analysis: ADA drops to $0.3151 lows as strong bearish momentum develops

Cardano

TL;DR Breakdown

  • Cardano price analysis shows bearish trend
  • ADA/USD is facing resistance at $0.3285
  • Support for ADA/USD is present at $0.3091

Cardano price analysis shows a downward trend as the market slide below the $ 0.3151 level. The ADA coin has been trading in the narrow range of $0.315 to $0.3151 since the beginning of today and is yet to break out of the range. The RSI points to the bearish momentum, but it is yet to breach the oversold levels. There is strong support at $0.3091, but if it breaks down, then the ADA coin could see further downside. On the other hand, if the buyers can push prices above $0.3285, then there is a possibility of the ADA coin going up to $0.32 or even higher. 

Cardano price analysis 1-day chart: Bears are in control as ADA prices fail to breakout

The one-day Cardano price analysis shows the ADA coin trading sideways and at risk of further downside. The long-term outlook remains bullish as Cardano is still trading above its all-time high of $0.3285. However, the short-term outlook is bearish, and the ADA coin could see further losses if it fails to break out of the range. 

image 184
ADA/USD 1-day price chart, Source: TradingView

Looking at relative strength index  (RSI) levels, the ADA coin is still in the oversold region and could see a short-term bounce. However, if it fails to break out of the range then further losses are expected. Moreover, the moving average convergence and divergence (MACD) also point to bearish momentum and a downward trend in the near future. Therefore the moving average is trading below the signal line and could see further losses in the short term. 

ADA/USD 4-hour price chart: Cardano continues to consolidate downwards 

The 4-hour Cardano price analysis reveals that the market is still in bearish momentum. The ADA coin is trading in a narrow range of $0.315 to $0.3151, and there is strong support at the current price level. If the buyers can push prices above $0.3285, then there is a possibility of the ADA coin going up to $0.32 or higher. The 24-hour trading volume is at around $607 million, which is still weak compared to the overall trading volume in the market, while the market cap of ADA is currently at $10 billion.

image 183
ADA/USD 4-hour price chart, Source: TradingView

Furthermore, the relative strength index (RSI) is at 75.93, which indicates that the market is neither oversold nor overbought. The moving average convergence and divergence (MACD) line is below the signal line (orange), also suggesting bearishness in the market. Therefore, the moving average for the ADA/USD pair is trading in the negative region and could see further losses in the near future.

Cardano price analysis Conclusion

Overall, Cardano is struggling to break out of the range and could see a further downside if the bears manage to break above $0.3151, which would be a bearish sign and could lead to more losses in the coming weeks. Therefore, traders should keep an eye on the key levels and make their trading decisions accordingly.

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.

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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