- Cardano price analysis is bearish today
- ADN/USD has been low overnight.
- Support at $1.33 is likely to be tested next.
Cardano price analysis is predicting a strong bearish day ahead. Cardano has been hovering around a local resistance of $1.10.Towards the closure of yesterday’s market, ADA/USD showed highly bearish reactions in price as ADA/USD sought support at 1.12. Cardano is trading at a range of $1.12 to $1.06. Cardano’s current price is $1.066 with a bearish overtone.
Other cryptocurrencies recorded a bullish trend return in the last 24 hours. Bitcoin and Ethereum have also recorded a slow progress with 0.5 percent and 0.72 percent, respectively. Solana and Cardano have gone downward by 1.68 percent and 6.24 percent, respectively. For instance, Cardano is recording improvement towards gaining a bullish trend but only on the smaller time interval charts.
Cardano price movement in the last 24 hours: ADA consolidates near $1.10
Cardano price analysis shows the pair has been undergoing stress movements in the last 24 hours especially during the initial phase of the current crypto crash. The market seems unrelenting as most cryptocurrencies are trading in the red. The ADA/USD pair has moved to touch a low of $0.9235 which represents a new low on the daily charts.
The pair is struggling to move higher amidst a sustained selling pressure. The Bollinger Bands show that the pair is consolidating after the heavy losses and is looking to take a breather. Other technical indicators in Cardano price analysis also show a move towards neutrality since the oversold pair is looking forward towards a break.
ADA/USD 4-hour chart: Cardano looks to an upward movement again?
Cardano’s price movement has been bearish recently. The bulls have joined in restraining themselves from further downward movement in the last 24 hours as the price hovers around the resistance of the $1.251 mark.
The Bollinger bands are wide therefore indicating high volatility in the market. ADA/USD price is nearing the upper band, indicating a solid bullish pressure possibly taking over despite a record of the bearish trend in the last few days.
The MACD line has crossed the red signal line indicating a possible bullish trend in the next 24 hours. The red bars are more and taller than the histograms indicating a bearish trend.
Cardano’s price went down to below $1.10 in early January before recovering last week, pushing higher towards the 1$ 1.35 mark. Currently, the bears have taken over the market to curb last week’s bullish pressure; hence the prices are pulling beyond the $1.35 resistance price.
Cardano price analysis conclusion: ADA looks to market for direction
Cardano has firmly overcome the resistance price, broken levels towards $ 1.17and are gaining an upward movement. Cardano price analysis is bearish today. However, Cardano is likely to get on track since it has broken the resistance price on the small time interval charts.
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