Cardano price analysis reveals a bearish trend, as a steady decrease in price has been detected today. The ADA/USD pair has found some support at $0.3497, but it remains to be seen if this will be enough to keep the price from continuing its downward trend. At this rate, Cardano may very well breach its all-time low of $0.35 before the day is over. The bears have been in control of the Cardano markets after encountering bullish pressure around $6.49. Since then, the price has been on a downward spiral and is currently trading below the $0.3615 level. The 24-hour volume is reported to be $269 million, and the market cap is $12.5 billion.
Cardano price analysis 1-day chart: ADA/USD faces resistance at $0.3642
The 1-day Cardano price analysis indicates a further decrease in prices, which have devalued to $0.3615 at the time of writing. The market volatility has been very low, and there is a lack of momentum in the market. As such, we may see a further bearish trend in the coming days. A break above the $0.3642 resistance level could indicate a bullish reversal. The market volatility follows a declining trend, resulting in the cryptocurrency being less susceptible to volatile change on either extreme.
The Bollinger band average is now at $0.380, the upper Bollinger band value is at $0.418, and the lower Bollinger band value is at the $0.341 position. The Relative Strength Index (RSI) indicator is currently at the 50.28 level, which indicates that market conditions are bearish and prices may continue to decline in the near term. The exponential moving average (EMA) in a 50-day time frame is at $0.362, and the 100-day EMA stands at $0.370, which indicates that bearish pressure is still present in the market.
ADA/USD 4-hour price chart: Bearish momentum pulls price back to $0.3615
Looking at the 4-hour Cardano price analysis also shows that the price is on a downward slope with no signs of reversing in the near term. The price has stepped down to $0.3615, which is surprising for the buyers, but the coin was under bearish pressure from the beginning of the day. The bearish momentum has been continuing over the past few days, and today the trend is the same. The price has been lowered to the $0.3615 level after the latest drop. The crypto pair has been at a loss of 0.05 percent for the last few hours.
The relative strength index (RSI) indicator is currently at 42.40, indicating that market conditions remain bearish and prices may continue to decline in the coming days. The Bollinger band average stands at $0.362, with lower and upper limits standing at $0.371 and $0.354, respectively. The 100-EMA stands at $0.361, and the 50-EMA is currently at $0.360. All of these indicators point towards a bearish trend in the near term for Cardano.
Cardano price analysis conclusion
In conclusion, Cardano price analysis on the daily and hourly scales has both shown bearish trends over the past few days, and this trend is likely to continue in the near term. The lack of buying interest and market volatility are also signs that prices may continue to decrease in the short term. Traders should be careful when trading these assets, as there is no clear indication of when the markets will turn bullish once again.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-03-01/