ADA finds support at $0.3800, seeks return to $0.4000 – Cryptopolitan

TL;DR Breakdown

• Cardano price analysis suggests an upwards movement to $0.4000
• The closest support level lies at $0.3800
• ADA faces resistance at the $0.3981 mark

The Cardano price analysis shows that the ADA price action has returned to the $0.3860 mark as the bulls found short-term support at $0.3800

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 BTC and ETH showing a 4.49 and a 3.33 percent decline, respectively.

Cardano price analysis: Bulls find support at $0.3800

The MACD is currently bearish as expressed in the red colour of the histogram. Moreover, the indicator shows a steady bearish momentum at the press time as observed in the height of the histogram. However, the lighter shade of the indicator suggests a decreasing bearish momentum as the price finds support at the $0.3800 mark.

The EMAs are trading close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading far from each other showing steady bearish momentum at press time. On the other hand, the converging EMAs suggest a slowly decreasing bearish momentum.

The RSI has been trading in the neutral region for the past seven days as the price action traded around the $0.4000 mark. At press time, the indicator trades near the oversold region at the 39.53 index level as the price suggests bearish momentum with the upwards slope suggesting a decreasing bearish pressure at the current price level.

The Bollinger Bands are currently narrow as the price action observes little to no volatility across the short-term charts. Furthermore, as the price returns toward the $0.3900 mark, the bands will show further convergence. At press time, the bands’ lower limit provides support at the $0.3832 mark while the upper limit presents a resistance level at the $0.4129 mark.

Technical analyses for ADA/USDT

Overall, the 4-hour Cardano price analysis issues a strong sell signal at press time with 14 indicators supporting the bulls. On the other hand, only five of the indicators support the bulls showing a low bullish presence. At the same time, seven indicators sit on the fence and support neither side of the market. 

The 24-hour Cardano price analysis shares this sentiment and also issues a sell signal with 11 indicators supporting the bears against five supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a strong 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 observed a breakdown from the $0.4600 mark to the $0.3800 price level. However, the bulls made some recovery and the price has risen back to the $0.3860 mark. 

Traders should expect ADA to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. Currently, the price can be expected to move to $0.4000 before finding a strong resistance level.