Cardano price analysis displays a downward trend today as the bears continue to push for the lead. The short-term trending line shows the ADA/USD pair is trying to maintain its price near the $0.2523 mark. The resistance level for the ADA token is currently at $0.2615, while the support level is at $0.2492. If the bears keep pushing the market down, the price may drop. For the past two days, the Cardano asset has been on a downward trend, losing almost 2.02 percent of its value. The 24-hour trading volume has dropped by 20.71% and is now trading at $197,732,450, and the market capitalization is currently at $8,704,600,754.
Cardano price analysis 1-day chart
The 1-day Cardano price analysis reveals that the price level will stay low as long as bears remain in control. Following becoming market, the ADA value fluctuates around the $ 0.2523 mark after going through some degree of fall in the past 24 hours. Further decline in the upcoming hours is to be expected, and the price might go lower than its current level of $0.2523.
The moving average (MA) in the 1-day chart stands at $0.27605 below the price level, indicating bearish pressure in the market. The MACD and RSI are also demonstrating selling pressure in the market, as both of them have gone below their equilibrium points. The RSI is currently at 34.53, indicating that the market is overbought. The MACD line is below the signal line, which shows a downward momentum.
ADA/USD on 4-hour price chart: Bearish momentum develops
The 4-hour Cardano price analysis also reveals that the bears are able to hold onto their lead, showing that there is negative momentum. Over the past several hours, the ADA value has somewhat decreased; at the time of writing, it is $0.2523 and has started to trend lower. Since the start of the current session, the ADA/USD pair has fallen by almost 2.02 percent.
The MACD for ADA/USD shows a bearish cross, indicating that the price may continue to fall in the near term. The Relative Strength Index (RSI) is currently at 30.34, which indicates that buyers are losing their grip on the market and bearish forces are dominating. The moving average indicator (MA) shows that the 50-period MA is still well below the 200-period MA, indicating bearish momentum in the market.
Cardano price analysis conclusion
In conclusion, the 1-day and 4-hour Cardano price analyses both show that the price has decreased during the past 24 hours. The price has fallen to the $0.2523 level as the bears work to keep control of the top spot on the price charts. The hourly estimate favors the bearish trend after a continuous reduction in the coin’s value, so a further decline in the value of the coin is very anticipated in the upcoming hours.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-12-21/