The latest Cardano price analysis shows a decreasing trend as the bearish momentum seems to be intensifying in the last 24 hours. The past weeks proved crucial for cryptocurrency’s progress, as the price dropped to extreme levels. Now it seems that the sellers are in a dominating position, and buyers are finding it hard to recover their position, as the market value of ADA/USD has decreased to $0.449 today again. The hourly price chart dictates similar progress, so a further loss is on the way.
ADA/USD 1-day price chart: price downgrades as coin loses 0.46 percent
The one-day Cardano price analysis shows discouraging results for the buyers today, as a considerable loss in cryptocurrency’s market value has been observed. The bearish pressure is immense, and their efforts have proved successful so far in devaluing the crypt pair’s value. The bearish momentum intensifies, and the price has traveled low to $0.449. The price is now trading lower than its moving average (MA) value as well, i.e., $0.463.
The area between the Bollinger bands is narrow, indicating that a downtrend might be coming ahead. Like so, the upper value of the Bollinger Bands Indicator is now standing at $0.498, and the lower value is present at $0.439 edge representing support for the coin. The Relative Strength Index (RSI) shows the score in the lower half of the neutral range, still at an acceptable level at index 41, but the downwards curve of the indicator shows the selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis gives a strong bearish indication as the bearish momentum is getting stronger with each passing hour. Although there have been variations and fluctuations in the price trends due to bullish attempts yesterday, the past four hours still proved to be favorable for the bears. Currently, the price has lowered to $0.449 of figures, and further loss is also possible if selling pressure continues. The moving average value for the four-hour price chart is found to be at the $0.463 level, and the MA curve is also traveling downwards.
A crossover occurred between SMA 20 and SMA 50 curves which is a clear sign of bearish dominance. As the volatility is increasing on the 4-hour chart, the upper value of the Bollinger bands indicator is now $0.487, whereas its lower value is $0.451, and the price has fallen below the lower value of the Bollinger bands. The RSI graph shows a descending curve, and the score is now touching index 36, hinting at the selling pressure.
Cardano price analysis: Conclusion
The one-day and four-hour Cardano price analysis confirms a downward trend for the market, as the price has covered a decreasing movement during the day. Although the circumstances were tough for the cryptocurrency in the preceding weeks, the current scenario seems to be turning harsher. The coin’s value is now $0.449, whereas the hourly prediction also shows bearish price movement.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-11/