The Cardano price analysis shows a downtrend in the ADA/USD pair as bears return to the market. The ADA/USD pair is currently trading at $0.3642 as downtrend pressure has pushed the pair lower.
The cryptocurrency has been trading below $0.3654, acting as a resistance level for its price action. Meanwhile, support is present at $0.3539, and if bearish continues to remain in control, ADA may find itself reaching this level.
ADA/USD pair is currently trading at a volume of $270,512,112 and has a market capitalization of 12,605,507,782, which is 0.43 percent lower than yesterday. According to coinmarketcap.com data, the digital asset is ranked 7th in the bigger market and is currently dominating a market share of 0.92 percent.
Cardano price action on the 1-day price chart: Bears take control of ADA prices
The 24-hour Cardano price analysis shows a decline in price today after the digital asset gained a bit yesterday. The ADA/USD pair price is decreasing gradually as bears get hold of the market. The past few weeks proved insignificant for the cryptocurrency. The ADA/USD pair is trading hands at $0.3642 at the time of writing. Selling pressure is also increasing as traders book profits from the start of the trading session.
The prices are trading below the Simple Moving Averages (SMAs), with the SMA 50 sliding below the SMA 200. The Relative Strength Index (RSI) is currently at 44.16 and indicates no bullish momentum in the market as of now, which could see prices continue to move lower. The MACD indicator is currently in the bearish zone after a crossover and supports a further downside in prices.
ADA/USD 4-hours analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows bears are in reign from the start of the day without any interference from the buyers’ side, as a red candlestick is indicating a decline in the price level. At the time of writing, ADA has decreased by 0.58 percent in the last 24 hours and is currently trading at $0.3642.
The Stochastic indicator is currently at 35.78 and indicates bearish momentum over the course of the day, which could see bears take control of price action for ADA in the near term. The MACD indicator is currently in the bearish zone and supports a further downside in prices. The signal line is also below the MACD line, indicating bearish momentum in prices. The smooth-moving average indicator indicates a bearish trend at $0.3666 and is likely to remain bearish in the near term.
Cardano price analysis conclusion
From the above Cardano price analysis, it is evident that ADA/USD pair could remain bearish in the near term as bears take control of prices. The digital asset has already sought support at $0.3539 and may find itself reaching this level if the selling pressure continues to remain intact. Nevertheless, there may be a possible upside correction in prices if buyers regain control of the market.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-02-26/