ADA/USD set to dip further below $ 0.6821

TL;DR Breakdown

• Cardano price analysis shows a bearish trend
• ADA/USD is currently trading at $0.66
• Cardno resistance is present at $0.7

Cardano price analysis is currently undergoing a slight correction after yesterday’s price hike. The market had seen a massive bullish run that lasted for almost two weeks prior to the retracement. ADA has observed three straight bearish days as it plummets towards the $0.6821 level.

The Cardano market had been on an absolute tear over the past two weeks as it surged from a low of around $0.40 to a high of just under $0.70. The market has since seen a slight retracement as it currently trades at around $0.6821.

ADA/USD 1-day price chart: Cardano unable to break above the $0.6851 resistance

In the 1-day Cardano price chart, we can see that the market had been on a bullish trend since the start of March as it surged from a low of around $0.17 to a high of just under $0.70. The market has since seen a slight retracement as it currently trades at around $0.6851.

The market is facing resistance at the$0.5907 and a break below this level could see the price decline to $0.5000. On the other hand, if the bulls can push the price above the $0.6851 resistance, we could see the price target $0.8000 in the near future.

ADA/USD 1-day price, source: TradingView

Cardano price analysis shows that the market is currently in a bearish trend as it plummets towards the $0.6821 support level. The market is facing resistance at the $0.6985 level and support is present at the $0.5907 level. The RSI indicator is currently in bearish territory as it plummets towards the 50 level. Cardano price analysis shows that the market is likely to continue its bearish trend in the short term as it plummets towards the $0.6821 support level.

The Bollinger Bands indicator is currently in bearish territory as the market plummets towards the $0.6821 support level. The MACD indicator is currently in bearish territory as the market plummets towards the $0.6821 support level.

Support for ADA/USD is present at $0.5907 while resistance levels are seen at $0.6985 and $0.6851 levels. The market is currently in a bearish trend as it plummets towards the $0.6821 support level.

ADA/USD 4-hour price chart: Recent price movement

The 4-hour Cardano price chart shows that the market is currently in a bearish trend as it plummets towards the $0.6821 support level. The market is facing resistance at the $0.6985 level and support is present at the $0.5907 level.

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

The MACD indicator is currently in bearish territory as the signal line plummets towards the histogram. The RSI indicator is also in bearish territory as it plummets towards the 50 level. Cardano price analysis shows that the market is likely to continue its bearish trend in the short term as it plummets towards the $0.6821 support level.

Cardano price analysis conclusion

Cardano price analysis shows that the ADA/USD pair is in negative market sentiment as bears eye break below the 0.vere, the bulls are likely to defend the $0.5907 support level as they attempt to push the price back above $0.6985. The market volatility is expected to increase in the near future as indicated by the Bollinger bands.

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