Cardano price analysis: ADA corrects at $0.792, downside to follow?

TL;DR Breakdown

• The Cardano price analysis is bearish.
• Resistance for ADA/USD is present at $0.848.
• Support is present for ADA at $0.782.

The Cardano price analysis is bearish as it shows the selling pressure is still there from the bearish side. Earlier, the market followed the bullish trend yesterday as the coin started to recover, but after a minimal recovery, the selling pressure has returned, and the coin went into correction again. As the trend is bearish for today, the crypto pair continues to cover the range downwards, and the price has reached $0.792. However, support is present at $0.782, and the price may bounce back if bulls gain some strength.

ADA/USD 1-day price chart: ADA continues downside

The 1-day price chart for Cardano price analysis shows bears are defining the price action for today. The ADA/USD has been correcting since the late night after the bullish recovery observed in the previous trading session. ADA/USD pair is trading hands at $0.792 at the time of writing. The past week overall proved unsuccessful for the crypto pair as the gains are almost non considerable amounting to 0.01 percent gained 5.97 percent for this time. But today, the trend has been different as the bears are defining the price function by devaluing the coin further. The moving average (MA) is standing at $0.801 above the price level.

The volatility for the given price chart of ADA/USD is high as the Bollinger bands are showing, with the Upper band at $0.965 and the lower band at $0.735, making an average at $0.850 above the price level. The relative strength index (RSI) is also confirming the downtrend for today as it is trading at index 37, indicating the bearish pressure in the market.

Cardano price analysis: Recent developments and further technical indications

The 4-hour price chart for Cardano price analysis shows that bearish momentum has been huge at the start of the trading session, and the price breakout was also in the downwards direction today. But now, signs of bullish efforts have emerged as the last candlestick is green in color, indicating opposition from the bullish side.

The Bollinger Bands on the 4-hour chart have been keeping their average at $0.796, which now indicates resistance for the ADA/USD pair, whilst the upper band is at $0.809, and the lower band is at the $0.782 mark, which represents support for the crypto pair price. The RSI has been hovering in the lower range of the neutral zone at index 46 but still at an acceptable level.

Cardano price analysis conclusion

The Cardano price analysis shows that the coin is correcting today and may continue to follow a downtrend for the rest of the day as bears rule the market. The support present at $0.782 may not go under test today, but it seems strong enough to keep the cryptocurrency price afloat above.

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