ADA/USD trades bearishly on the daily chart

TL;DR

• Cardano price analysis shows a neutral movment on the price chart
• Bulls are readying for some buying action as Bollinger Bands contract
• Minor breakout can see ADA/USD price action reach above $0.5 barrier

Cardano price analysis shows that the altcoin is bearish today as it trades around $0.472. The coin had earlier found resistance at $0.6, resulting in the current price decline. The closest support for Cardano lies at $0.40, and a break below this level could see the price head towards $0.35.

Cardano price analysis is in a bearish trend as the price remains below the moving averages. The 50 SMA (yellow) and 20 SMA (green) are both above the current market price, indicating that the path of least resistance is to the downside. The RSI is currently in oversold territory, which means that the bears are currently controlling the market.

The MACD is also bearish as the signal line is above the histogram. This indicates that the downward trend is likely to continue in the near term.

Cardano price analysis shows that the coin is currently in a downtrend and a break below $0.40.

Cardano price movement in the last 24 hours: ADA/USD pair experienced high volatility

Cardano price analysis started the day at $0.50 and hit a high of $0.60 before dropping to where it is currently trading. The coin has lost 5% of its value in the last 24 hours, and its market capitalization now stands at $17.57 billion.

The Bollinger bands show that the ADA/USD pair is currently in a period of high volatility as the bands have widened. The price is trading close to the lower band, indicating that there is potential for further downside in the near term.

The 200 simple moving average (SMA) on the four-hour chart is currently acting as a support for the price, and a break below this level could see it head towards $0.2 in the near term.

ADA/USD 4-hour price chart: Recent price developments show bullish signs

The TD Sequential indicator on the 4-hour Cardano price analysis chart is currently printing a buy signal in the form of a green nine candlestick. This indicates that the bears are losing steam, and the price could see a short-term rebound. However, a sustained move above $0.6 is required for this to happen.

The balance of power indicator on the four-hour chart is currently favoring the bears as the red line is above the 50 levels. This indicates that the downward trend is likely to continue in the near term.

The RSI is currently in oversold territory, which means that the bears are currently controlling the market. The MACD is also bearish as the signal line is above the histogram. This indicates that the downward trend is likely to continue in the near term.

Cardano price analysis: Conclusion

Cardano price analysis is trading downwards on the daily chart however, there are slight bullish trends on the 4-hour chart. The price is expected to continue to bearish in the near term and may find support at $0.4 if it breaks below current levels.

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