The Cardano price analysis is currently down at $0.3217. This is the result of bears pushing the price down after the market crash earlier today. The downtrend has been present for some time now, and it seems that ADA/USD value could remain at this level for some time. The closest resistance point would be at $0.3325, which prevented earlier attempts to break up the downtrend. If bulls manage to break above this level, further upside momentum could be expected.
On the other side of the coin, ADA has strong support at $0.3193, which should prevent it from sliding lower than that. If bears start pushing the price even lower, it is likely that $0.3193 would provide some significant support. With the current situation, it is difficult to make any predictions regarding Cardano‘s price direction. However, it is clear that the market remains bearish in the short term and that ADA/USD could remain at its current levels until a bullish breakout occurs.
Cardano price analysis 1-day price chart: Bearish trend aggravates as ADA experiences downfall to $0.3217
The 1-day price chart showing Cardano price analysis is going in favor of the bears once again, as they have regained their momentum after a negligible bullish run. The price dropped to $0.3217 after the bears took control of the market again. The market opened today at the $0.3193 level, and since then, it has been in a downtrend as the bulls have not been able to take charge of the market momentum.
The Exponential moving averages are all stacked in a bearish manner as the price is trading below them. The 20-day EMA ($0.3210) is closest to the candlesticks, followed by the 50-day EMA ($0.3211) is further away from the current price, indicating that the path of least resistance is to the downside. The MACD indicator is currently in the bearish zone as the signal line is above the candlesticks, indicating that the bears are in control of the market momentum. The RSI indicator is currently at 32.67, which indicates that the market has no oversold or overbought conditions at this time.
Cardano price analysis 4-hour price chart: ADA/USD sustains damage as price suppresses up to $0.3217
The 4-hour Cardano price analysis indicates that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $0.3217 after overcoming the advancements coming from the bullish side. As bears continue to dominate the market, the price has fallen below all the major moving averages.
The Relative Strength Index (RSI) index has also followed a sharp dip, as it has reached down near the undersold mark and is trading at an index value of 32.57. The MACD indicator on the 4-hour timeframe is also in the bearish zone, as the signal line is at a position above the candlesticks, indicating a bearish market for ADA. Both EMA’s are sloping downwards in the bearish zone, which is an indication that the path of least resistance is to the downside and more bearish pressure is likely to be seen in the market.
Cardano price analysis conclusion
The price experienced a drop today, as has been confirmed by the one-day and four-hour Cardano price analysis. Although the market is currently in a bearish trend, it is possible for the bulls to take back control and push prices higher. However, this is unlikely to happen in the near term as the market indicators all suggest further downside potential.