Joel Oluwatobi
Cardano price analysis is still in a downtrend and continued bearish pressure is pushing the cryptocurrency further lower. The price of ADA dropped below $0.3654 and has been trading in a narrow range since then. ADA/USD pair has been struggling to stay above the key resistance of $0.3654 and is now facing further decline towards the $0.3563 support level.
At the time of writing, Cardano (ADA) is trading at $0.3612 with a daily trading volume of $261,575,134. The cryptocurrency has seen a 0.56% decrease in the past 24 hours. The total market capitalization of Cardano is currently at $12,506,147,044. The bulls are trying to hold onto the $0.3654 resistance but so far have been unsuccessful in doing so.
ADA/USD 1-day price chart: Selling pressure returns taking the price levels down
The 24-hour Cardano price analysis shows a decline in price today after the zigzag price action of the last few days when bulls and bears changed positions continuously for dominance. Today the price level has decreased up to $0.3612, but the coin, after losing some value, is still at a higher level than it was the day before.
The Bollinger bands are narrowing, indicating that the price is moving in a tight range. The upper Bollinger band is at $0.41, and the lower band is at $0.35. The Relative Strength Index (RSI) is currently at 59.89 and shows no sign of movement toward either side. The MACD line has dipped below the signal line, creating a bearish crossover. This suggests that selling pressure has returned and could take the price further down.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows bears are in control from the start of the day, but efforts from the bullish side also emerged late at night. However, bulls lacked momentum and were rejected by bears as another red candlestick marking bearish dominance again for the last four hours of trading as well, indicating further decline in the price level. The price has been recorded to be on a decreasing trend in the last few hours as well, and a further decline in price value is highly expected.
The volatility is on the lower side on the 4-hour chart as the Bollinger bands suggest no major change, and their values are as follows; the upper band is at the $0.39 mark, and the lower band is at the $0.34 mark. The RSI is currently at 33.36 and has also been decreasing in the last few hours, indicating that the bearish momentum is stronger than the bullish one. The MACD indicator has also created a bearish crossover, and the red histogram bars have become longer on the downside. This shows that the sellers are dominating the market, and further decline is expected as well.
Cardano price analysis conclusion
To Conclude the Cardano price analysis indicates bearish signs for the cryptocurrency as overall, the broader crypto market is showing negative sentiment today. ADA/USD is in the correction again and could test the $0.3563 support level in the near term. The volatility is low and technical indicators are bearish, confirming a further downside.
