The Cardano price analysis indicates a sharp decline in price levels as the price has now moved down to meet $0.418. The progress has been in the bearish direction, as the bearish momentum has been continuously intensifying.
The bears have been in the lead for the past few weeks, according to the analysis. Chances for bulls are limiting, as overall, the bears have been succeeding in their endeavors. The nearest support for ADA is present at $0.406, which seems to be under test soon as the price hasn’t found the support yet.
ADA/USD 1-day price chart: ADA bulls to secure $0.406
Cardano price analysis shows the bearish momentum is going strong for the one-day price chart, as the price levels are lowering every hour. The bears have been maintaining their lead quite efficiently; today, the trend has been in their favor again.
The downtrend has resulted in the price value going down to $0.418, which is critically near the current support level, and the coin has lost another 33 percent value during the last 24 hours. The weekly report is more worrisome as the cryptocurrency shows a loss of 55 percent for the past week. Moreover, the Moving Average (MA) value has come down to $0.681.
As the Bollinger bands are undergoing expansion, the volatility is increasing as well. The upper value for the Bollinger bands is now $1.01, while their lower value is situated at the $0.511 level, and the price is trading below the lower band. As the downward trending line is on the move, the Relative Strength Index (RSI) score has decreased to index 22 in the underbought area as well.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis report is going unfavorable for the buyers, as the bears are continuously pulling the price levels down. More and more red candlesticks are appearing on the price chart as the selling activity is increasing. The price is now present at the $0.418 level, creating an alarming situation for cryptocurrency. The moving average is at a comparatively higher position as it is resting at $0.551 at the time of writing. The average value of the Bollinger bands can be seen at $0.610.
The volatility is constantly increasing on the chart, which is why the upper Bollinger band is now situated at $0.764, and the lower Bollinger band has moved down to $0.455. The RSI score has decreased as well because of the bearish trend, and it is quite down in the underbought zone at index 15.
Cardano price analysis conclusion
The given Cardano price analysis confirms that a severe downtrend has been taking place for the past few days. The bearish momentum is still in power today, as the price has dropped down to $0.418. This regular decline has brought significant damage to the overall value of cryptocurrency. The support of $0.406 may also fall in the coming hours.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-12/