The Cardano price analysis shows that the cryptocurrency is in a weaker position today, as the market is showing negative sentiment towards the crypto pair. ADA seems unable to find support as the coin faced rejection at the start of the trading session after the downwards price movement of yesterday. A swing low towards $0.438 was observed as well, but then the price recovered and closed at $0.458 yesterday. As the coin hasn’t found support yet, the price has fallen down to $0.449. This situation hints at the fact that the bearish momentum is intensifying, and more damage can be observed in the coming days.
If bearish influence continues, then ADA may discover new lows of the year as the price is already at the lowest level after 06 February 2021. However, the coin was maintaining its price levels for the past few weeks, but today, the price has gone further down.
ADA/USD 1-day price chart: Bears bring more loss as ADA loses 1.92 percent value
The 1-day price chart for Cardano price analysis is predicting loss, as the price levels have fallen to a new level today as well. The drop has been taking place on a massive scale as of today, and the price has been on a downtrend for the past six days. Currently, the ADA/USD price is standing at the $0.449 level and is expected to move towards a lower range as well, as the coin has lost 1.92 percent value during the past 24 hours and is at a loss of 7.50 percent for the past week. Meanwhile, the moving average (MA) value is found at the $0.477 level.
The bearish trend has been quite stable, and the volatility has been decreasing as well. The upper and lower Bollinger band values in the above price chart are now at $0.517 and $0.442, representing the resistance and support, respectively. The Relative Strength Index (RSI) score has gone downwards as well as it is now at a lower level of index 39. However, the slope is not very steep, which hints at a moderate selling activity in the market.
Cardano price analysis: 4-hour price chart and further technical indications
The hourly Cardano price analysis is giving us negative hints regarding the recent trends. The price has been moving downwards at a constant level, and the bearish momentum is again intensifying. This has resulted in a huge setback as the price is going down after recovering for 12 hours yesterday. The current price is $0.450, and it is highly predictable that more losses are coming the cryptocurrency’s way. The moving average for the given price chart is at $0.452, just above the current price level.
The Bollinger bands values have also changed since the volatility has been high, and now the upper value is at $0.492, and the lower value is at $0.437. The volatility indicator shows movement as a whole downwards. The RSI score has decreased as well, as its curve is on a downslope and has reached index 38 in the lower half of the neutral zone.
Cardano price analysis: Conclusion
From the above 4 hours and 1 day Cardano price analysis, it can be confirmed that the price levels are falling to the lowest. The price flow has broken down different support levels as well, and new support is to be found below the $0.450 range, which is the coin’s current price. It can be predicted that the price will go down further from here as well.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-01/