The recent Cardano price analysis also reveals that the bearish momentum has been strong, and it is likely to continue in the near future. The price of ADA hit a low of $0.3162 today, down from an intra-day high of $0.3247 yesterday. This represents a 2.23 percent decline in price within one day, which shows that bears have taken control of the market. The bulls are trying hard to take back control; however, the strength of the bearish momentum has been hard to overcome. The resistance levels for ADA remain at $0.3247, while support is found at $0.3142 and lower. If the bears maintain their current momentum, the price of ADA could decline further.
Cardano price analysis 1-day chart: ADA forms a bearish pattern
The bearish trend is taking over the market as Cardano’s price analysis value underwent a marked decline in the last 24 hours. This trend is expected to intensify in the coming few weeks as the selling pressure is getting high. The price is now standing at $0.3162 after facing a massive shock today. The 24-hour trading volume for ADA remains at $286 million, and the market capitalization stands at $10 billion. It will be interesting to see how the Cardano price analysis pans out in the coming weeks, as bears are currently in control of the market.
The moving average (MA) value in the one-day price chart is relatively stable at $0.336, and the 200-day MA is currently at $0.317. These values suggest that bulls may have some room to rise in price, but it will be difficult for them to gain the upper hand as the bearish pressure continues to dominate. The RSI indicator for ADA/USD shows a bearish divergence which indicates that the ongoing bearish trend may still have some time left before it reverses. The moving average convergence divergence (MACD) indicator is also in the bears’ favor, as the signal line is trending below the MACD line.
Cardano price analysis: ADA/USD levels collapse below $0.3247 after a bearish drift
The four-hour Cardano price analysis shows a declining trend for the cryptocurrency, as the bears have been maintaining their lead. In the past four hours, the ADA/USD value drastically declined to $0.3162 because of ongoing selling pressure. The bearish trend has been consistent for the past few hours and will most expectedly remain strong in the upcoming hours.
The four-hour price chart’s moving average is settled at $0.320, and the 20 SMA is slightly below it at $0.317, which shows a bearish drift. The RSI value has dropped to 32.45, while the MACD line and the signal line are trending downwards in favor of the bears. The red bars on the histogram have been increasing, which signifies that ADA is in bearish territory.
Cardano price analysis conclusion
The Cardano price analysis concludes that the bears have taken control of the market, and this trend is likely to continue for some time. The bulls may try their best to take back control, but it will be difficult as long as the bearish pressure stays strong. This could cause prices to decline further in the coming days if bulls are unable to make any progress.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2023-03-09/