- Cardano price analysis suggests a downward movement to $0.3750
- The closest support level lies at $0.3800
- ADA faces resistance at the $0.4000 mark
The Cardano price analysis shows that the ADA price action has broken down to the $0.3800 mark as the bearish pressure increased
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include NEAR and DOT, recording a 6.72, and a 4.88 percent decline, respectively.
Cardano price analysis: ADA falls down to $0.3800 support
The MACD is currently bearish, as expressed in the red colour of the histogram. However, the indicator shows low bearish momentum as expressed in the short height of the indicator. On the other hand, the darker shade of the indicator suggests an increasing bearish activity as the price approaches the $0.3800 mark.
The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading close to each other showing low momentum at press time. On the other hand, the diverging EMAs suggest a rapidly increasing bullish momentum.
The RSI has been trading in the neutral region for the past ten days as the asset observed moderate volatility across the timeframe. At press time, the indicator trades below the mean line at 45.56 index unit level as the price suggests low bearish momentum with a gentle slope suggesting low net selling activity at the current price level.
The Bollinger Bands are currently narrow as the price action observed low volatility in the past 24 hours. However, the sharp bearish activity in the last four hours suggests increasing volatility as the bands start to expand. The indicator’s bottom line provides support at the $0.3754 mark while the bottom line presents a resistance level at the $0.3974 mark.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a sell signal, with 10 of the 26 major technical indicators supporting the bears. On the other hand, seven of the indicators support the bulls showing a strong 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 does not share this sentiment and instead issues a strong buy signal with 12 indicators suggesting an upwards movement against five suggesting a downward movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. Meanwhile, the remaining 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 the Cardano market is enjoying a strong bullish rally as the price rose from $0.2400 to the current $0.3800 in the last 30 days. Currently, the price finds strong resistance at the $0.4000 level but the rising bullish momentum may break above the level.
Traders should expect ADA to fall to the $0.3750 mark as the short-term technicals grow more bearish. On the other hand, movement below $0.3750 should not be expected as the daily frames and the mid-term technical analyses remain bullish and the price can be expected to move sideways between $0.3850 and $0.3750. However, if the bears break down below $0.3750, the next support level lies at the $0.3600 mark.