Cardano price analysis shows the price function is facing bearish resistance once again after the bearish trend returns to the market. The price has receded back to the $0.3894 level during the last 24 hours. The market is likely to stay bearish if the price fails to hold above this key support level. The support for the ADA/USD pair is present at $0.3833, and a break of this level will likely trigger a much deeper correction. On the upside, resistance is present at the $0.3898 level; if the price breaks above this level, it will likely find its next resistance at $0.39. The 24-hour volume of the coin has been declining and is now at $194 million. On the other hand, the market capitalization is $13.5 billion.
Cardano price analysis 1-day chart: ADA shows a descending pattern after bearish takes over
The 1-day Cardano price analysis shows that the trend is still bearish, as the prices have been in a downtrend for the last 24-hour session. The coin is currently trading at $0.3894 and is down by 0.39% at the time of writing. The volatility for ADA has been low, as have the Bollinger bands, which have narrowed. The upper band is at $0.405, and the lower band is placed at $0.347.
The moving average indicator (MA) in the one-day price chart shows its value at $0.387, which is above the current price, but it may soon cross below the SMA 50, which will be a bearish indication. The Relative Strength Index (RSI) is also in bearish territory and stands at 56.65, indicating that the coin is currently facing downward pressure.
ADA/USD 4-hour price chart: Latest development
Looking at the hourly chart for the Cardano price indicates that a further decline in price has been recorded, with the current exchange rate standing at $0.3894 at the time of writing. The current resistance levels have been set at $0.3898, with the ADA/USD struggling to breach them after numerous attempts. This could be a sign that the market is not yet ready to move up, as bearish pressure has been dominant so far.
The Relative Strength Index (RSI) score is in the neutral range at an index of 53.98, which is still a negative trend. The 50-day moving average is also trading below the 200-day moving average, which could be a sign of further bearishness. The bands of the Bollinger Band indicator are contracting, indicating a gradually falling volatility. The upper band is at the $0.391 mark, with the lower one placed at $0.378.
Cardano price analysis conclusion
To conclude, Cardano’s price analysis has been on a downtrend, and it is currently facing bearish pressure. The selling activity is still strong, and the prices may continue to remain in a bearish zone for some more time. Traders should exercise caution when trading ADA/USD and keep an eye on the market’s movements. It is likely that if bearish pressure continues, ADA/USD could further test the support levels and dip even lower.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-04-09/