ADA Price Declines As Bears Hold Strong – Cryptopolitan

The latest Cardano price analysis shows that the bears have been holding strong in the market, causing the ADA/USD pair to decline. ADA is trading in a bearish zone as the bears have lowered the price to $0.3777. Cardano has dropped by 2.09% over the past day as it is trading at around $0.3826.

The buyers failed to break past the resistance level of $0.3946, while the sellers managed to push the price down below this barrier and set a lower low at $0.3777. A breach on the resistance level of $0.3946 could indicate an uptrend in the market and might allow ADA to find an immediate resistance level at the $0.4000 mark. However, as it stands now, the bears are firmly in control.

Cardano price analysis 1-day chart: ADA downtrend continues as bears persist

The daily Cardano price analysis confirms that a downtrend has been taking place for the past 24 hours, as the price trend line is seen sloping downward. The bears are in charge of the market and look to gain more control as they push ADA’s price lower. ADA’s trading volume stands at around $288 million and has lost 2.09% in the past day.

Technical indicators in this time frame reflect bearish market sentiment. The Relative Strength Index (RSI) indicator stands at 55.14 and suggests that ADA could go lower as it is sloping southward. The Moving Average Convergence Divergence (MACD) suggests a negative outlook as the green bars on the histogram are seen declining.

Additionally, the Bollinger Bands have started contracting, indicating low market volatility. This indicates that the buyers and sellers are not actively trading in the market but rather waiting for a breakout. The upper band is at $0.4072, and the lower band is at $0.3313, signifying that the market is in a consolidation period.

Cardano price analysis 4-hour chart: ADA price drops to $0.3826 in the recent decline

The hourly Cardano price analysis confirms that the recent downtrend is still in play, as ADA/USD is trading in a range of $0.3780 and $0.3830. The buying pressure is not enough to counter the selling pressure, and ADA is looking to extend its downtrend as it approaches the $0.3800 level.

The Moving Average Convergence Divergence (MACD) indicator stands at -0.0002, as the red bars overwhelm the green bars on the histogram. The MACD line has broken below the signal line, showing that the bears are still in control. The Relative Strength Index (RSI) is trending downwards in the neutral zone with a value of 42.82, indicating that the sellers could be pushing the price further lower. Furthermore, the Bollinger Bands are contracting, showing that the market is in a state of consolidation as it looks for a breakout.

Cardano price analysis conclusion

Overall, Cardano’s price analysis shows that the bears have taken control of the market and are pushing ADA/USD lower. The buyers failed to break past the resistance level at $0.3946, while the sellers managed to push ADA down below this barrier. A breakout below the current support level could indicate a further price decline.