Bearish outlook persists as ADA is pulled down below $0.3609 – Cryptopolitan

Cardano price analysis is indicating a decrease in price as the bears have made a comeback once again. The price has been falling for the past few days as bears dominate the market. The day started with selling pressure building up in the market, and the price dropped from $0.3609 to $ a low of 0.36 early hours of the morning. The bears have been trying hard to break the support level at $0.357 and below. Resistance for ADA/UASD pair is currently present at the level of $0.3643, and if not broken, the bears will continue to push the price down. The situation is quite worrisome as the cryptocurrency is struggling to find support, but as the bearish momentum is growing, improvement in price seems impossible today.

Cardano price analysis 1-day chart

Looking at the 1-day Cardano price analysis shows that the bears are still in control of the market and there is no sign of a price reversal yet. The ADA value is fluctuating around $0.3609 after going through some degree of fall in recent hours.  The 24-hour trading volume has also seen a decrease as it currently stands at $272 million, and a market cap of $12.53 billion for ADA/USD. Further decrease in price levels is to be expected as the bearish momentum is strengthening with time.

The moving average convergence (MACD) indicator is decreasing, and the signal line is below the MACD line, pointing towards a bearish trend in ADA/USD. The relative strength index (RSI) indicator is at 53.44, indicating that the market is neither overbought nor oversold. The 50 SMA line is below the 200 SMA line, indicating that the path of least resistance for ADA/USD will be downwards

ADA/USD 4-hour price chart: Latest development 

The 4-hour Cardano price analysis also shows that ADA is currently trading around the key support area at $0.357, and a break below this level could send the price toward the $0.35 mark. The bears have been trying hard to break the $0.357 support level but are yet to succeed. On the upside, resistance is present at the $0.3643 mark, and if broken, the price could potentially reach the $0.37 level. Hence, traders need to be cautious when trading ADA as the current market conditions are highly volatile.

The SMA 50 is at $0.363 and the SMA 200 is at $0.360, both pointing towards a bearish trend in the market. Moreover, the moving average convergence and divergence (MACD) indicator on the 4-hour ADA/USD chart is also following the bearish trend as the MACD histogram and the signal line is both below the zero line. The relative strength index (RSI) indicator is also in bearish territory at 49.13, indicating that the price may continue to decrease in value

Cardano price analysis conclusion

To conclude, Cardano price analysis suggests that the bears have taken control of the market and a further decrease in price levels is to be expected. The $0.357 support level needs to be watched closely, as a break below this level could send the price downward. Thus, traders need to be careful and assess their risk before entering into any trading positions.