The recent Cardano price analysis shows a bearish market with the price struggling to stay above $0.3854 and facing strong resistance from sellers. The downtrend is likely to persist in the short term, as the price has failed to break this resistance level.
The ADA/USD is currently at $0.3539, after a drop of almost 1.02%. The bearish trend has gained further momentum over the past 24 hours. Looking at the coin market cap, it is evident that ADA has been underperforming the broader market. Other cryptocurrencies are also performing poorly, but ADA has been losing a greater percentage of its value.
ADA/USD 1-day price chart: Price crashed to $0.3839 after slight uplift
The 4 hours candlestick chart displaying Cardano price analysis reveals a major setback today. The past few hours have been crucial for cryptocurrency, as the price levels kept on falling until they reached the price of $0.3839. Despite the bullish run that was seen the previous week, the price was unable to sustain above $0.3854 and has now fallen below it. This shows that sellers were in control of the market during today’s trading hours.
The bearish momentum has been huge, considering that the moving average (MA) during the past 24 hours has been $0.380. The trend line is following a descending motion, with the upper Bollinger band being at $0.403 and the lower Bollinger band being at $0.324. If ADA/USD is able to breach this crucial resistance level of $0.3854, then there might be some slight recovery in the near future. The Relative Strength Index (RSI) is also signaling a bearish trend, as it is currently at 68.22, which indicates that the market has further room to fall.
Cardano 4-hour price analysis: Bulls losing grounds to downtrend
The 4-hour Cardano price analysis is showing a decline in price, as the coin value has unexpectedly lowered to $0.3839. Meanwhile, as the volatility is decreasing, we can also predict that positive news could be expected in the future.
The Bollinger bands average is resting at $0.389 whereas the moving average value is present at $0.378 in the 4-hours price chart. As the SMA 50 curve is almost above SMA 20, a further drop in price can be foreseen. The Bollinger bands are displaying the following values; the upper Bollinger band is present at $0.399 while its lower band is present at $0.369. If we talk about the RSI, then it is facing a significant decline as well as it has decreased to 52.00.
Cardano price analysis conclusion
Cardano price analysis has detected bearish activity according to the most recent progress recorded from the price charts. The price value has further downgraded to $0.3839, but still above the support level. ADA/USD is likely to continue falling, as suggested by the RSI and other indicators. However, if the bulls are able to push past the resistance level at $0.3854, then there may be some hope for a recovery in the near future.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-01-31/