ADA/USD set to break below the daily support at $0.90

TL;DR Breakdown

• Cardano price analysis is bearish
• ADA prices have support at $0.90
• Cardano is currently trading at $0.924

Cardano price analysis has been on a steady decline over the past few days and this bearish trend looks set to continue in the short term. Prices have found some support at $0.90 but this level may not hold for long. Cardano is currently trading at $0.924 and a further decline could take it down to

Cardano (ADA) prices have been under pressure for the past two weeks as markets correct lower. ADA prices are currently down 2.5% on the day and 3% week-to-date. The coin is trading at $0.924 after bouncing off support at $0.90 yesterday.

Cardano price movement in the last 24 hours: The bearish trend looks set to continue

Cardano’s price is currently in a bearish trend as it corrects lower after setting a new all-time high at $1.33 on May 17. The coin is down 2.5% on the day and 3% on the week. It hit support at $0.90 yesterday and bounced off to the current trading level of $0.924.

The 4-hour chart view shows that the bearish trend is likely to continue in the short-term as prices remain below the moving averages. The RSI indicator is also pointing downwards, indicating that there is still room for ADA prices to fall further.

The daily chart view also supports the bearish outlook as prices have failed to sustain the rebound above the $1.00 level. The MACD indicator is also bearish as the signal line continues to move below the histogram.

Cardano prices are likely to continue falling in the short-term as the bearish trend persists. Prices may find some support at $0.90 but a further decline could take it down to $0.80.

ADA/USD 1-day price chart, source: TradingView

Cardano (ADA) prices have been under pressure for the past two weeks as markets correct lower. ADA prices are currently down 2.5% on the day and 3% week-to-date. The coin is trading at $0.924 after bouncing off support at $0.90 yesterday.

The 4-hour chart view shows that the bearish trend is likely to continue in the short-term as prices remain below the moving averages. The RSI indicator is also pointing downwards, indicating that there is still room for ADA prices to fall further.

The daily chart view also supports the bearish outlook as prices have failed to sustain the rebound above the $1.00 level. The MACD indicator is also bearish as the signal line continues to move below the histogram.

Cardano prices are likely to continue falling in the short-term as the bearish trend persists. Prices may find some support at $0.90 but a further decline could take it down to $0.80.

Cardano price analysis on a 4-hour price chart: Bulls are struggling to defend the key support of $0.90

On the 4-hour Cardano price analysis chart, we can see that ADA prices have been in a steady decline over the past few days. Prices have found some support at $0.90 but this level may not hold for long as the bearish momentum looks set to continue. The RSI indicator is currently pointing downwards, indicating that there is still room for prices to fall further.

ADA/USD 4-hour price chart, source: TradingView

On the daily Cardano price analysis chart, we can see that prices have failed to sustain the rebound above $1.00 and this looks like a bearish reversal. The MACD indicator is also bearish as the signal line continues to move below the histogram. Prices are likely to continue falling in the short-term as the bearish trend persists.

Cardano price analysis conclusion

Cardano price analysis for today is bearish with ADA prices expected to retrace lower after failing to sustain the bullish momentum above $1.0. The key support at $0.90 is under pressure and a break below this level could see ADA prices decline to lows of $0.80. On the upside, a move above $1.0 would invalidate the bearish outlook and could see ADA prices rally to highs of $1.2.The current selling pressure is likely to prevail in the market and push prices to new lows.

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