Cardano price analysis: ADA/USD drops to 0.3867 after a protracted period of decline

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TL;DR Breakdown

  • Cardano price analysis is bearish today
  • Cardano prices are facing resistance at $0.3981
  • ADA prices have set key support at $0.3794

Cardano price analysis reveals the market is in following a bearish trend due to the recent market-wide cryptocurrency selloff. Since Yesterday, Cardano has been trading in a range between $0.3862 and its current price of $0.3867. The price of the Cardano has remained negative, the token has been decreasing steadily over the past few weeks, as traders and investors take profits from the recent rally. The resistance for ADA/USD pair is at the $0.3981 level, and the support is seen at $0.3794.The current price of Cardano is $0.3867, with a trading volume of $371 million. Cardano has been down 1.95% in the last 24 hours with a market capitalization of $13.38 billion.

Cardano price analysis 1-day chart: ADA displays a downward trend at $0.3867.

The one-day Cardano price analysis confirms that the market trend has been dropping for the last 24 hours and is now trading below $0.3867. The ADA/USD price reveals that the market’s volatility follows a closing movement. This means that the price of Cardano is becoming less prone to the movement towards either extreme, showing further decreasing dynamics. 

image 154
ADA/USD 1-day price chart, Source: TradingView

The Bollinger’s band’s upper limit is $0.410, which is the strongest resistance for ADA. Conversely, the lower limit of Bollinger’s band is $0.362 which acts as the strongest resistance for ADA. Moreover, the relative strength index (RSI) indicators are both in bearish territory and the price is moving below the 200-day moving average, which suggests that there is still a lot of bearish pressure in the market.

ADA/USD 4-hour price chart: Bearish pressure increases as prices stabilize at $5.67

The 4-hour Cardano price analysis also shows that the ADA/USD pair is trading in a bearish trend. The price of ADA/USD is now falling and is trading at $0.3867 at the time of writing and the cryptocurrency pair has lost 1.95 percent of its value in the most recent few hours. Furthermore, the moving average (MA) indicates that the price is heading toward a bearish trend.

image 155
ADA/USD 4-hour price chart, Source: TradingView

The Relative Strength Index (RSI) indicator is currently at the 48.35 level, which indicates that assets are stable falling into the lower neutral region showing that the bears are in control of the market. On the other hand, volatility is high, which is a bad sign for Cardano’s current situation. The Bollinger bands’ upper and lower values serve as the strongest support and resistance levels for the coin. The upper value is trading at $0.402, while the lower value is currently at $0.379.

Cardano price analysis conclusion

In conclusion, Cardano’s price analysis shows a decrease in price today since the market is unfavorable for cryptocurrencies. The bears’ efforts to maintain their strong momentum have caused the price to drop to the $0.3867 region. It is probable that the price will rebound and rise above the $0.4 level, albeit the upward momentum seemed to be returning over the past week.

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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