Cardano price analysis reveals ADA price has been under bearish pressure over the past two days as the market corrects from the recent bearish rally. However, bulls have stepped in to counter the bearish pressure and push the price back up. The Cardano price is currently trading at $0.3103, which is just below the key resistance level of $0.3206. The ADA price has set a key support level at $0.3023, which is just below the current market price.
Cardano price analysis 1-day price chart: ADA/USD loses 2.84 percent
The 24-hour Cardano price analysis shows that the cryptocurrency has been facing loss for the last 24 hours. The price is continuing the downtrend today, degrading the cryptocurrency value to $0.3103. A loss of 2.84 percent has been recorded during the last 24 hours, and over the past week, a 6.45 percent loss has been observed in the cryptocurrency value as the trend has been towards the bearish side.
The moving average (MA) for the ADA/USD in 24 hours is declining as it touches $0.326, just above the current price. The upper value of the Bollinger bands indicator is now standing at $0.3206 point, representing the strongest resistance, whereas the lower value is at $0.3023 point representing the strongest support. The Relative Strength Index (RSI) score has reduced to an index of 39.22, and the selling activity is still on the rise.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows the price has covered a steep downward movement in the starting four hours of today’s trading session as the bearish momentum has been trending over the market. The drop in price was quite drastic as the price levels decreased rapidly. However, the bulls seem to take control of the market if the price pushes above the $0.3206 resistance level. However, the price is still below the lower limit of the volatility indicator. The Moving average on the 4-hour chart is currently at the $0.314 mark.
The volatility is increasing, which means that the price might recover to a certain degree in the coming hours. As a consequence, the upper Bollinger band has now moved up to the $0.337 position, whereas the lower Bollinger band has moved down to $0.304. The RSI curve has entered the underbought region, but it has now taken a turn upwards. However, the indicator is still trading in the underbought region at index 39.33, hinting at extreme bearish pressure.
Cardano price analysis conclusion
Cardano price analysis suggests a bearish trend has been observed throughout the day as the price has been reduced to a $0.3103 value. The one-day and four hours price charts are predicting a downward trend by giving a lead to the bears.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-11-21/