Cardano price analysis for today shows ADA is currently stuck in a consolidation phase around the $0.3327 mark. This comes after the currency saw a sharp drop in value this week as sellers pushed the price below key support levels. The main resistance level for ADA is at $0.3408, and it appears that this level will act as a major hurdle for the currency going forward. The immediate support level is at $0.3306, although traders should expect further downside pressure in the near term.
The ADA/USD is down by 1.44% on a market cap of $11.59 billion as bulls and bears continue to battle for control over the market. The trading volume for the currency is currently $204 million, and it appears that the bearish trend could continue in the near future.
Cardano price analysis 1-day price chart: ADA price levels descend below the $0.3400 level
The 1-day price chart for Cardano price analysis shows bears are defining the price curve today. The ADA/USD pair is trading hands at $0.3327 at the time of writing. The past week overall proved detrimental for the crypto pair as it lost around 9.11 percent value over this time despite the recovery made during the month of January. And today, the selling pressure is stronger as the bears have taken hold of the market.
The price has been trading below the moving average (MA), which is present at $0.35. The Bollinger Bands have been squeezed, with upper Bollinger Bands at $0.424 and lower Bollinger Band at $0.322, which indicates that the market is currently in bearish territory. The relative strength index (RSI) is also confirming the downtrend for today as it is on a steep downward curve at index 36.41, indicating the selling activity in the market.
Cardano price analysis: Bearish pressure pushes ADA prices to $0.3327
The bearish pressure on Cardano’s price has been continuous for the past few days, and it appears that this trend will continue in the near future. The ADA/USD pair is currently trading hands at $0.3327, with a decrease of 3.88% at the time of writing. The pair is currently trading in a range between $0.3306 and $0.3408, but the bears have been able to push prices lower due to strong selling pressure.
The Bollinger Bands on the 4-hour chart have been keeping their average at $0.338 below the price level, while the upper band is at $0.344 and the lower band is at the $0.332 mark. The RSI has fallen near the centerline of the neutral zone at index 36.93, but the curve is slowly turning upwards as the buying activity resumes in the market. The moving average (MA) also tests bearish sentiment as it is currently below the price level at $0.336.
Cardano price analysis conclusion
Overall, Cardano’s price analysis today shows that the bears have been able to push prices lower, and the trend could possibly continue in the coming days. The support level at $0.3306 is likely to act as a significant hurdle for the bulls going forward, and traders should watch out for any further downside pressure in the near future.