The Cardano price analysis predicts a bearish trend for the cryptocurrency because of a decrease in coin value. The market has been following a bearish trend for the last week. However, bullish efforts were observed yesterday when bulls made a good recovery, but today the circumstances have proved yet again in favor of the bears. The selling pressure is still there, and as a result, the cryptocurrency value dropped down to $0.463 bottom clearing up the gains made by bulls yesterday. The price may fall further down the hill in the coming days as the market pressure seems overpowering as a whole.
ADA/USD 1-day price chart: bearish swing brings the price down to $0.463
The one-day Cardano price analysis confirms a decreasing trend for the day as the selling trend is constantly intensifying in the market. The situation has been going quite unfavorable for the bulls for the past week, and the price experienced a sharp drop during the last 24-hours as well. Currently, the market value of ADA/USD is at $0.463, as the coin lost more than nine percent value during the last 24 hours, and further loss can also be expected if the bearish momentum continues. Overall the crypto pair has lost a significant 27 percent value over the past week.
The Bollinger bands show increasing volatility for ADA/USD. The upper end of the Bollinger bands indicator shows a $0.670 value representing the strongest resistance, whereas the lower end shows a $0.425 value representing the strongest support for the cryptocurrency price. At the same time, the Bollinger bands are making an average of $0.547 value.
The moving average (MA) value is trading at $0.545 in the one-day price chart as the SMA 20 just crossed below the SMA 50 curve. The Relative Strength Index (RSI) score declined up to index 38 due to the latest downswing, and the downwards curve of the indicator is quite steep, which hints at the strong selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The hourly Cardano price analysis confirms a downward trend for the market. The price function has been downwards from the start of the trading session. The worrisome sign is a swing low towards $0.452 observed just an hour ago, which hints at a possibility that the bearish momentum may intensify further in the coming hours. Moreover, the moving average value is found standing at $0.482 position.
The volatility is high, which has gone in favor of the bears, providing them the envelope for downwards price movement. The Bollinger bands indicator shows the following values; the upper value is $0.536, whereas the lower value is $0.438, representing the high volatility respectively. The RSI indicator shows a reading of 38 after the recent bearish spell on the 4-hour chart.
A strong selling hint is being given by most of the technical indicators for ADA/USD as a downtrend has been overruling the market for the past week. Out of a total of 26 technical indicators available for analysis, 10 indicators stand neutral, 15 give sell signals, and only one indicator gives a buy signal; thus, the trend is clearly supporting the selling side.
Cardano price analysis conclusion
The above one-day and four-hour Cardano price analysis predicts a strong bearish trend for the day. The market has been under bearish pressure for the last week as the continuous decline has lowered the coin value to $0.463. The hourly price analysis also shows the selling trend till the last hour. As the market pressure still weighs on the price function, we can expect the coin price to tumble down to the $0.440 range today.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-15/