The Cardano price analysis is showing that the cryptocurrency value is going down again after a brief upturn. The price is traveling downwards and has covered the $0.326 mark till now. The bearish spell can be seen in the daily chart that is pushing the price of ADA down.
The bulls secured a considerable amount of momentum during the span of last previous day, but the bears have restricted the price from going higher. The bearish momentum is building up gradually and further downfall is to be expected in the upcoming time period.
ADA/USD 1-day price chart: Price return to $0.326 after the bearish comeback
The 1-day Cardano price analysis shows a bearish momentum, and a further price decrease is expected in the coming hours as bears make a strong comeback. The price has stepped down to $0.326 with a decrease in value by 8.84 percent due to yesterday’s price increase.
The trading volume is still in increase and is reported as $656 million, which suggests that the traders are still actively involved in trading with Cardano cryptocurrency. However, the market capitalization of ADA is $11 billion which shows a decrease of 8.9 percent. The moving average(MA) is at the 0.3255 mark below the price level.
The relative strength index (RSI) is trading on a downward curve at an index of 42.15, hinting at the selling activity in the market. The moving average convergence divergence (MACD) is also trading in a bearish phase, as the value of the MACD line has crossed below the signal line. The 20-SMA and 50-SMA are trading above the ADA/USD pair, depicting that the short-term trend is bearish.
Cardano price analysis: The support level is found at $0.3177 which is the next target for ADA
The 4-hour Cardano price analysis shows the coin price function is facing the resistance present at $0.326 currently as bears regained the lead. The price breakout was upward at the start of the trading session, but later bears took over, and the red candlesticks are indicating bearish progress.
The next target for ADA/USD pair can be the support level of $0.3177 which seems to be quite promising in the upcoming trading session. Moreover, we can also expect more downfall if the bears keep up their momentum. On the other hand, attempting a breakout at $0.3605 can result in an uptrend for the ADA/USD pair.
The relative strength index (RSI) is trading near 44.57 which implies that the coin price is about to face stiff potential resistance as it moves forward in the value chart. The MACD line is trading below 0 which confirms that the bears are dominating the market currently. The 50-day moving average (50-MA) is also trading at the same mark as that of the 200-day moving average (20-MA), hence, forming a bearish crossover.
Cardano price analysis conclusion
To sum up, the Cardano price analysis suggests that the cryptocurrency is in strong bearish momentum and a further downward trend can be expected. The bulls need to make a breakout at the resistance level of $0.3605 to bring in positive sentiment for ADA traders. The support present at $0.3177 can be seen as an opportunity for the bulls if they manage to break through this mark with their consistent efforts in trading.
