The Cardano price analysis is hinting in the bearish direction at the moment as selling pressure has built in the market. The market followed the bullish trend for the past week, and the bullish momentum intensified yesterday, the coin gained significant value during this time, but a correction was natural to occur at this time for continuing further upside later on.
As the selling pressure has built, the crypto pair has started a correction. However, support is present at $0.474, and if the support persists, then it may stop the price slippage below this point.
ADA/USD 1-day price chart: price levels decrease to $0.485
The 1-day price chart for Cardano price analysis shows bears are defining the price movement today. The ADA/USD is correcting after the strong bullish price movement of yesterday. ADA/USD pair is trading hands at $0.485 at the time of writing. The past week overall proved profitable for the crypto pair as it gained around 10.35 during the past week. And today, the selling pressure has returned, and the trend is bearish as bears are bringing the price down. The trading volume has increased by 95.54 percent, and the market dominance is 1.60 percent for ADA/USD.
The moving average (MA) is standing at $0.450 below the price level, but no cross-over between SMA 20 and SMA 50 has occurred yet, which hints at bearish supremacy.
The volatility for the given price chart of ADA/USD is on the milder side as the Bollinger bands are covering less area, with the Upper band at $0.492 representing resistance for ADA and the lower band at $0.422 representing support for the cryptocurrency, the indicator is making an average at $0.457. The relative strength index (RSI) is also confirming the downtrend for today as it is on a downwards curve at index 53, indicating the selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows that bears are striving for the lead and have caused major damage at the start of the trading session as they dragged the price down to the $0.476 level. On the other hand, the bulls have dodged the bearish pressure as support has appeared, and the price function is headed up once again, recovering back to $0.485.
The Bollinger Bands on the 4-hour chart have been keeping their average at $0.460 below the price level, whilst the upper band is at $0.498, and the lower band is at the $0.423 level. The RSI has also started to travel upwards after falling down. The RSI score is currently 60, and the curve is slowly turning upwards as the buying activity resumes in the market.
Cardano price analysis conclusion
The Cardano price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader cryptocurrency market is bearish as well. The support present at $0.474 is strong enough to keep the crypto afloat above. Another possibility for ADA can be that it may turn completely bullish again in the coming hours, in which scenario, we might observe ADA climbing above the $0.490 level.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-19/