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Cardano price analysis: ADA further declines below $0.37

Cardano

TL;DR Breakdown

  • Cardano price analysis is bearish today
  • Resistance for ADA is present at $0.3659
  • Support for ADA/USD is present at $0.3124

Cardano price analysis is bearish today. The significant current resistance at $0.3659 is being challenged, as the price of ADA/USD has dropped by approximately 2.7% from the previous major obstacle at $0.3124. As a result, ADA/USD ought to soon reverse and attempt to recoup some of the loss over the coming days. The 24-hour trading volume for ADA has also decreased to $1,563,226,622, with a market cap of $12,108,638,178.

ADA/USD 1-day price chart: The price curve follows a downward path to $0.3473 end

The one-day Cardano price analysis confirms that the market trend has been dropping. The preceding few weeks were significant for the cryptocurrency’s development since they saw the emergence of a powerful bullish trend. But now the bears are in charge and are starting to drive the price lower. The value of the digital currency, which is now trading at $0.3473 at the time of writing, has dropped by 1.29% during the past 24 hours. On the one-day price chart, the moving average (MA) value is $0.3861.

image 165
ADA/USD 1-day price, source: TradingView

The volatility is increasing, which means that the bearish wave is likely to expand in the upcoming days. If we talk about the upper and lower Bollinger bands indicator’s values, the upper band shows $0.4432 figures, whereas the lower band shows an $0.3325 value. The Relative Strength Index (RSI) index has also dropped below the under-bought limit.

ADA/USD 4-hour price chart: Recent updates

According to the 4-hour Cardano price chart, there has been a sideways movement for the previous several hours. The price of ADA/USD is now falling and is trading at $0.3462 because of the strong negative momentum. Bulls could try to change the course, but if the negative trend persists, it is unlikely that they would be successful.

image 164
ADA/USD 4-hour price chart, source: TradingView

On the 4-hour price chart, the moving average value is $0.3481, which is somewhat less than the going market rate. $0.4246 and $0.3216 are displayed in the upper and lower Bollinger bands, respectively. The RSI index is also below the 35.32 underbought line, suggesting that the short-term negative trend may intensify.

Cardano price analysis conclusion

In conclusion, Cardano price analysis shows the market is expected to see consolidation in the near term. However, the bearish trend is still strong and prices are expected to continue their downward movement. The market indicators are pointing to further downside momentum in the near term as the bearish takes control of the market. Investors remain cautious about the current economic conditions. However, the bearish trend is still strong and prices are expected to continue their downward movements.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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