- Cardano price is expected to fall below $1.20 support as the selling continues.
- The closest support level lies at $1.20 and further below at $1.10.
- ADA faces resistance at the $1.30 mark.
Cardano price was rejected from the $1.30 price level a second time as the bulls failed to break above the resistance. The bearish sentiment has been increasing since then, as the selling pressure rises. Currently, ADA seems to be holding above the $1.20 support level, but further downwards movement is expected as the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple’s XRP and BNB that record a 6.76 and a 6.28 percent decrease, respectively. At the same time, few cryptocurrencies such as Ethereum, Solana, and Uniswap recorded bullish momentum.
Technical indicators for ADA/USDT
Across the technical indicators, the MACD is bullish but shows low bullish momentum, as observed in the small green histogram. The histogram’s light green color shows a declining bullish momentum as the two EMAs converge. While both EMAs are rising at the moment, the 26-EMA is catching up to the 12-EMA in recent hours.
The RSI dipped into the oversold region on April 18 but quickly rose to the neutral zone. Since then, the indicator has remained in the neutral zone, trading below the 50.00 mark. The RSI’s position leaves room for sharp movement in either direction. However, the indicator is currently trading with a low gradient showing a lack of momentum from either side of the market.
The Bollinger Bands are currently narrow and show further convergence as ADA continues to oscillate around the $1.20 mark. The price is currently trading below the indicator’s mean line suggesting strong bearish pressure. The Bollinger Bands are currently converging, suggesting low volatility for Cardano price in the short term.
Overall, the 4-hour technical analysis issues a sell signal with 14 of the 26 major technical indicators supporting a downwards price movement across the timeframe. On the other hand, only two indicators issue signals to support a bullish movement in the short term. Meanwhile, 10 indicators sit on the fence and do not issue any signals at the time of writing.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 11 indicators in favor of a downwards price movement against six, suggesting an upward price movement. At the same time, nine indicators do not issue any signals supporting either side of the market.
What to expect from Cardano price?
Traders should expect Cardano price to fall to the $1.10 mark as the selling continues. The negative technical indicators and the bearish technical analyses further support this suggestion. Price may fall to the $1.00 psychological level if the selling continues.
Conversely, if the buyers are able to defend the $1.20 support level, Cardano price would rise towards the $1.30 resistance. However, the lack of momentum would mean another rejection, and ADA would continue consolidating at the level.
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.