Cardano price analysis: ADA drops to $0.945 as bears out rule sluggish bullish momentum

TL;DR Breakdown

• The Cardano price analysis is bearish.
• Resistance for ADA/USD is present at $0.963.
• Support is present for ADA at $0.915.

The Cardano price analysis for today is bearish. The ADA/USD wa recovering up till yesterday as the bulls had control, but the momentum was slow, as bulls were unable to uplift the price to the $1.025 level, from where the price level fell Monday 11th April. Today ADA is correcting again and is trading hands at $0.945 as the selling pressure has returned, and the already sluggish bullish momentum could not sustain.

ADA/USD 1-day price chart: Selling pressure helps bears in degrading the price level

The 24 hours Cardano price analysis shows a decline in price today after two continuous days of bullish recovery when the price increased marginally. Today the price level has decreased up to $0.945 as the coin has lost more than two percent value during the last 24 hours, and as the coin price is on a downtrend, the crypto pair value has dropped up to 11.8 percent over the past week. Further decrease in price is also expected in the coming hours if the selling pressure continues.

The Bollinger bands are expanding substantially, with the upper band present at the $1.28 mark and the lower band present at the $0.910 mark representing the strongest support. The average of Bollinger bands is at the $1.097 level above the current price. The moving average (MA) is at the $1.003 mark above the price level. The relative strength index (RSI) is on a downslope in the lower half of the neutral zone and is trading at index 41, implying the selling pressure.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows bears are in control from the start of the day without any interference from the buyers’ side, as continuously red candlesticks are appearing, indicating further decline in the price level. The price has been recorded to be on a decreasing trend in the last hour as well, and a further deficit in price value is highly expected as the bullish momentum seems to be gaining strength.

The volatility is on the lower side on the 4-hour chart as the Bollinger bands are converging sharply, and their values are as follows; the upper band is at the $0.985 mark, and the lower band is at the $0.921 mark, while the indicator is making the mean average line at the $0.953 mark above the price level.

The mean average of the Bollinger bands has passed below the moving average as well as it is trading at the $0.961 mark. The relative strength index (RSI) has also traveled lower and is trading at index 40 though still in the neutral range.

Cardano price analysis conclusion

The 1-day and 4-hours Cardano price analysis indicates bearish signs for the cryptocurrency as overall; the crypto market is bearish today. ADA/USD is correcting again after nominal recovery, and it is expected that the coin will continue downside for the next few hours.

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