Cardano price analysis reveals that the Cardano (ADA) has been laying low, below the triangle pattern.
This behavior speaks about the bearish trend that ADA price has portrayed while it keeps below most key pointer and markers into a state of decay.
The four-hour time frame is bearish with the downward momentum currently being subdued and the price consolidated.
The four-hour time frame also shows no technical indicators that might turn out bullish. The bearish trend being followed here is as well.
The price may either rise or fall; traders are to look at the deviation, if it occurs, leaving the consolidation zone for the ADA/USD pair.
The relative strength index (RSI) and the moving average convergence/divergence (MACD) have no bullish trend lines showing any breakthrough to the positive side yet. Furthermore, the RSI is bearish while MACD is neutral.
Cardano price analysis – medium term
The two hundred (200) day moving average line is above what the cryptocurrency is currently trading for. This is a rather bearish sign as per Cardano price analysis.
The formation of a head and shoulders pattern, inverted shows clear signs of further bearish lapses. This is not going to end anytime soon. The bulls might be out of the market currently. The sellers are dominant.
The RSI and the MACD are just as you would expect them to be: bearish and calling in sellers to make transactions on the double. Also, the RSI is indicating more dips on a lower level in the daily time frame.
This concludes that the ADA/USD pair is nowhere near a bullish reversal while it currently trades below the triangle pattern. The two hundred (200) day moving average has been crossed, and the crypto/fiat pair is moving downwards.