Cardano price analysis shows that the coin is currently in a bearish trend as it is trading around $0.3748 and has been on a downward trend since the beginning of today. The coin has seen a 1.65% drop in its price over the past 24 hours and is currently trading at its lowest level, although bulls are trying to make a comeback. The coin has been trading in a tight range over the past few days and has tested the support level of $0.371. Bears are trying to push the price below the $0.37 support level, a break below this level could see the coin drop to its next support level of $0.36.
Cardano price analysis 1-day chart: ADA further declines to $0.3748
The one-day Cardano price analysis shows a downward trend as the coin is facing strong selling pressure. The ADA/USD was corrected after a slight uptrend movement yesterday. The volume for the ADA/USD pair has been increasing over the past few days and is currently at $620 million, while the market capitalization for the pair is trading at $12.9 billion.
The technical indicators are also showing a bearish trend for Cardano, as the MACD is in the negative region. The RSI (Relative Strength Index) is also in a bearish zone and currently stands at 73.75, indicating that the coin is heading toward oversold territory. The moving averages shown on the 1-day chart are all in a bearish alignment, with the 20-day SMA ($0.3797) located below the 50-da SMA ($0.3478).
ADA/USD 4-hour price chart: Bearish trend likely to continue
The hourly chart for Cardano shows that the coin is trading in a range between $0.3748 and $0.3754, a break below this range could see ADA drop to its next support level of $0.371. The bears are pulling down the price levels, and currently, they have reached the $14.33 level.
The 200-day SMA line is below the 50-day SMA line, which is an indication that the market is in a bearish trend. The 20-day SMA line is currently located below the other two moving averages, which further confirms the bearish trend in the market. The RSI is currently at 64.65, indicating that the coin is heading toward the oversold zone. The moving average convergence and divergence (MACD) for the ADA/USD pair is also in a bearish zone as the MACD line has crossed below the signal line, which indicates that bears are in control of the market.
Cardano price analysis conclusion
To conclude, the Cardano price analysis indicates that the coin is in a bearish trend and is likely to continue its downward movement in the near term. The coin has strong support at $0.371, but if it breaks below this level, it could see a further decline in its price. Furthermore, the most recent negative trend has caused the price levels to drop to a low of $0.3748. Bulls may try to change the course of events and drive the price back up, though.