ADA price corrects down to $0.3668 after a gloomy market outlook – Cryptopolitan

Cardano price analysis suggests that the ADA/USD pair is currently trading below $0.3668 and is maintaining a bearish trend. The bears have been able to hold the market below this level, and the pair is struggling to break higher. The momentum indicators are signaling a bearish outlook as the resistance level of $0.3849 is proving to be a challenge for the buyers. The digital asset has been trading within a descending triangle pattern since the beginning of today and is likely to continue its bearish trend in the short term.

Cardano price analysis 1-day chart: Bearish swing results in a massive fall up to $0.3668 swing

The 1-day Cardano price analysis shows that the bears have a strong grip on the market and currently trading at the $0.3668 mark. The bulls and bears have been battling for control, but the bears seem to be in control. The price trend was downwards from yesterday’s, and today the price seems to be sliding sideways.

This timeframe’s Bollinger Bands are reasonably close together, which is a sign of minimal market volatility, which is an indication of bearish pressure in the market. The upper Bollinger Band is located at $0.420, while the lower Bollinger Band is at $0.349.  The MACD is moving downwards and has formed a bearish crossover, which signals that selling pressure is increasing. The RSI indicator is currently at 53.09, and it is rising, which signals that the current downtrend might see a reversal soon, but for now, the market sentiment remains bearish.

ADA/USD 4-hour price chart: Price drops to $0.3668 on a bearish drift

Looking at the hourly chart, ADA/USD pair indicates that the bears are in control. The price is trading below $0.3668 and is consolidating near the support level of $0.3598. The pair had initially broken out from a long-term downtrend line that had been in place since yesterday. However, the bulls failed to sustain the uptrend, and the price is now trading within a large symmetrical triangle pattern on its 4-hour chart.

The 4-hour Relative Strength Index (RSI) is currently at 36.53 after recoiling from the oversold zone as the price faced a downtrend. The RSI indicator is showing a bearish divergence with the price, suggesting that more losses are likely in the near term. The moving average convergence and divergence (MACD)  is also showing signs of bearish momentum as it has formed a bearish crossover, indicating that the bearish force in the market is getting stronger.  The upper band displays a value of $0.398, while its lower band displays a value of $0.362, signifying resistance and support, respectively.

Cardano price analysis conclusion

Overall, the ADA/USD pair is showing signs of bearish pressure and could remain in this trend for the short term. If price action can break above the resistance level of $0.3668, then we could see a bullish trend in the short term. Traders should be cautious and wait for a breakout before entering a trade.