Cardano price analysis reveals a bearish trend, as a steady decrease in price has been detected today. The most recent analysis shows that the cryptocurrency is covering the range downwards again as the selling pressure has returned in the market. This has caused the price to reach down to the $0.472 level. The next support is present at the $0.443 level, but the price oscillations are slow over the past few days, which has decreased the volatility as well.
ADA/USD 1-day price chart: ADA to follow bearish price pattern
The 1-day price chart for Cardano price analysis is going in a bearish direction for the day, as the price has been lowered. The trends have been shifting continuously during the past few days, which has resulted in the price oscillating near the current price value of $0.472. The coin has lost nearly o.16 percent value during the last 24 hours and has lost more than 1.76 percent value over the past week; the loss is, however, on the lower side. But this scenario validates the bearish pressure weighing on the price function. The moving average (MA) has also been hovering at the $0.465 level below the price.
The volatility is on a decreasing trend, and now the volatility indicator has formed a narrow tunnel shape, which hints at the price oscillations to be less in the coming days. The volatility indicator, the Bollinger bands, show its upper value at $0.499 and the lower value at $0.443, which also represents the strongest support for the cryptocurrency. The Relative Strength Index (RSI) score has also decreased to the index of 46 after today’s downtrend; the curve of the RSI indicator shows zigzag action but is headed downwards today due to the selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows a deficit in the price levels as the bears have regained their strength. The price has stepped down to $0.472, which is surprising for the buyers, but the coin was under bearish pressure from the start of the day; however, the coin has found support just recently, which has prevented the price levels from falling exceedingly low.
The moving average (MA) value of $0.474 is above the Bollinger bands mean average line, which is forming at $0.472, as the bears have taken the price below both the averages, and the Bollinger bands have started to show signs of convergence, with the upper band at the $0.485 mark, and the lower band at the $0.461 mark. The RSI score also decreased at the start of the trading session but has started to recover and has reached to index of 52; the curve is now pointing upwards as the buying activity resumes.
Cardano price analysis: Conclusion
The 1-day and 4-hours Cardano price analysis dictates that the bears are controlling the market, and they have decreased the price levels to $0.472. Further decrease in cryptocurrency’s price can also be expected as the support is still further low at $0.443, and the current bullish price action may not last long.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-10/