- Cardano price analysis suggests sideways movement below the $0.4000 mark
- 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 continues to consolidate around the $0.3900 mark as both sides struggle to find momentum.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include NEAR and MATIC recording a 13.60 and a 5.58 percent decline, respectively.
Cardano price analysis: ADA continues consolidation below $0.4000
The MACD is currently bullish, as expressed in the green colour of the histogram. Moreover, the indicator shows steady bullish momentum as expressed in the steady depth of the indicator. On the other hand, the darker shade of the indicator suggests an increasing bullish activity as the price approaches the $0.4000 mark.
The EMAs are currently trading above the mean position as net price movement over the last ten days remains negative. Currently, the EMAs are trading at close to each other showing low momentum at press time. Moreover, the converging EMAs suggest a slowly declining bearish 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 above the mean line at 56.07 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 across the short-term charts. Moreover, as the price action trades close to the mean line, the indicator would observe further convergence across the timeframe. The indicator’s bottom line provides support at the $0.3818 mark while the upper limit presents a resistance level at the $0.4029 mark.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a buy signal, with 12 of the 26 major technical indicators supporting the bulls. On the other hand, only one of the indicators supports the bears showing a low bearish 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 shares this sentiment and also issues a buy signal with 13 indicators suggesting an upwards movement against three suggesting an upwards movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. Meanwhile, the remaining ten 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 $0.2600 to the current $0.3900 level in the last 30 days. Currently, the price finds strong resistance at the $0.4000 level but the rising bullish momentum may establish support above the level.
Traders should expect ADA to continue its consolidation between the $0.3800 and the $0.4000 mark. This suggestion is reinforced by the technical analyses that while bullish show a lack of substance behind the recent movements. Moreover, the price still faces strong resistance at the $0.4000 mark which suggests a negative reaction for the asset across the short term charts.