ADA falls below $0.3900, can the bulls defend the $0.3800 mark? – Cryptopolitan

TL;DR Breakdown

• Cardano price analysis suggests a downward movement to $0.3800
• The closest support level lies at $0.3800
• ADA faces resistance above the $0.400 mark

The Cardano price analysis shows that the ADA price action has broken down the $0.3900 mark as selling increased across the short-term charts.

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include NEAR and DOGE recording a 6.14 and a 5.43 percent decline, respectively.

Cardano price analysis: ADA falls below $0.3900

The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum as expressed in the steady depth of the indicator. Furthermore, the darker shade of the indicator suggests an increasing bearish activity as the price approaches the $0.3800 mark.

The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading at a distance from each other showing strong momentum at press time. On the other hand, the diverging EMAs suggest a rapidly increasing bullish momentum. 

The RSI has been trading in the neutral region for the past ten days as the asset observed moderate volatility across the timeframe. At press time, the indicator trades below the mean line at 41.35 index unit level as the price suggests low bearish momentum with a gentle slope suggesting low net selling activity at the current price level.

The Bollinger Bands are currently narrow as the price action observed low volatility across the short-term charts. However, the sharp bearish activity near the indicator’s bottom line suggests increasing volatility across the timeframe. The indicator’s bottom line provides support at the $0.3920 mark while the bottom line presents a resistance level at the $0.4087 mark.

Technical analyses for ADA/USDT

Overall, the 4-hour Cardano price analysis issues a sell signal, with 11 of the 26 major technical indicators supporting the bears. On the other hand, five of the indicators support the bears showing a low bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Cardano price analysis does not share this sentiment and instead issues a sell signal with 10 indicators suggesting a downward movement against seven suggesting an upwards movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. 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 enjoying a strong bullish rally as the price rose from $0.2700 to the current $0.4000 in the last 30 days. Currently, the price finds strong resistance at the $0.4000 level but the rising bullish momentum may establish support above the level. 

Traders should expect ADA to fall to the $0.3800 mark as the short-term technicals turn more bearish. On the other hand, further downward movement is unlikely as the mid-term technicals are still bullish. Moreover, key support levels lie at the $0.3800 and the $0.3600 mark.