ADA finds support at $0.3200, can the bulls hold on? – Cryptopolitan

TL;DR Breakdown

• Cardano price analysis suggests downward movement after consolidation at the current level
• The closest support level lies at $0.3200 and further below at $0.3000
• ADA faces resistance at the $0.3400 mark

The Cardano price analysis shows that the ADA price action has found support at the $0.3200 mark after crashing from the $0.3600 mark. However, the price action still faces strong resistance at this level and is unable to climb back to the $0.3400 level.

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include BNB and BTC recording a 7.42 and a 6.78 percent incline, respectively.

Cardano price analysis: ADA finds support at $0.3200

The MACD is currently bearish, as expressed in the red colour of the histogram. On the other hand, the indicator shows low bearish momentum as expressed in the shallow depth of the indicator. Moreover, the lighter shade of the indicator suggests an increasing bullish activity as the price finds support at the $0.3200 mark.

The EMAs are currently trading very close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading close to each other showing low momentum at press time. Moreover, the converging EMAs suggest a slowly declining bearish momentum.

The RSI briefly rose to the overbought region but dipped back into the neutral region as the price action failed to climb past the $0.3600 mark. At press time, the indicator trades near the mean level at 49.75 index level as the price suggests low net momentum with a gentle slope suggesting a struggle between bears and bulls at the current level.

The Bollinger Bands are currently wide as the price action observed high volatility across the short-term charts. Moreover, the price action trades close to the bottom limit of the indicator, suggesting further divergence across the timeframe. The indicator’s bottom line provides support at the $0.3138 mark while the mean line presents a resistance level at the $0.3351 mark. 

Technical analyses for ADA/USDT

Overall, the 4-hour Cardano price analysis shows a neutral market sentiment as the analysis shows nine indicators supporting each side of the market. At the same time, nine indicators sit on the fence and support neither side of the market. This shows a lack of net momentum across the short-term charts as either side struggles to gain market dominance.

The 24-hour Cardano price analysis does not share this sentiment and instead issues a sell signal with 12 indicators supporting the bears against only four supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.

What to expect from Cardano price analysis?

The Cardano price analysis shows that the Cardano market is currently in a bearish rally as the price action crumbled from above the $0.4200 mark to the recent $0.3200 mark. At press time, the price action has recovered to the $0.3300 mark but still faces strong bearish pressure at the level.

Traders should expect ADA to observe sideways movement at the current price level before the price action moves out in any direction. The suggestion is reinforced by the mixed signal given by the 4-hour technical analysis. On the other hand, the mid-term analysis suggests that a further price breakdown will occur at the end of the current consolidation.