Cardano price analysis: A drop in ADA price recorded up to $0.928 as bears intervene again

TL;DR Breakdown

• The Cardano price analysis is bearish.
• Resistance for ADA/USD is present at $0.950.
• Support is present for ADA at $0.901.

The Cardano price analysis suggests that the ADA price has dropped today as bears took charge of the market once again. After the continuous imbalance in the price movements, the price has been lowered up to the $0.928 level, and the bearish trend has been set for today. The bears are thus maintaining their lead at present after making a small difference in the price ratio. It can be expected that the cryptocurrency might face further loss in the upcoming hours as well.

ADA/USD 1-day price chart: ADA price levels down to $0.928 after the bearish takeover

A slight decrease in ADA/USD price has been recorded in the last 24 hours, as the price descended down to $0.928. Although the trends varied continuously in the past few days, today’s trend has proved highly supportive for the bears. The decline in price has been small, as the support is also present at $0.901, which is also nearby. The moving average (MA) is relatively at a higher position, i.e., $0.940 in the one-day price chart.

The volatility has been high, so it can be expected that a further downtrend might follow. The Bollinger Bands Indicator shows the following values for the day; the upper value is $1.23 representing the resistance, while the lower value is $0.836 representing the strongest support. The Relative Strength Index (RSI) score has decreased up to index 41 because of the downtrend. The RSI has been floating in the lower half of the neutral zone for the past week.

Cardano price analysis: Recent developments and further technical indications

A decline in price has been observed in the last few hours for ADA/USD. The price has slumped to the $0.928 level as the bearish dominance has been quite obvious in the past few hours. This has created a favorable situation for the sellers, as the value of the cryptocurrency has deteriorated to an extent. If we go ahead and talk about the moving average indicator, then its value is settled at the $0.916 mark.

The SMA 20 has been trading below SMA 50 curve, which once again is a bearish sign. Moving on, the Bollinger bands Indicator values have been maintained almost at the same levels. The upper value is $0.975, and the lower value is $0.889. The RSI score is below the centerline of the neutral range now as it is at the index 47 levels. The curve has got straightened out, which hints at the lack of momentum from either side of the market.

The price has been following a downward movement if we observe the past month’s progress on the whole. This is why the ADA technical indicators are giving out a bearish indication for the day. We can see 15 indicators standing on the selling mark, eight indicators on the neutral, and three indicators on the buying mark.

Cardano price analysis conclusion

The one-day and four hours Cardano price analysis is predicting a bearish trend for the day as it has been confirmed. The bears have succeeded in bringing the price down to $0.928 after yesterday’s bullish activity. The selling momentum has been consistently on the rise for the past few hours as well; thus, further downfall can be expected over the day.

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