TL;DR Breakdown
- Cardano price analysis suggests a downwards movement to $0.4500
- The closest support level lies at $0.4896
- ADA faces resistance at the $0.5289 mark.
The Cardano price analysis shows that ADA was unable to climb past the resistance at the $0.5500 mark, and the following rejection has caused the price to fall below the $0.500 support level.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include ETH and SOL, recording an 11.17 and an 11.14 percent decline, respectively.
Cardano price analysis: ADA falls below $0.5000
The MACD is currently bullish, as expressed in the green color of the histogram. Moreover, the indicator shows strong bullish momentum as observed in the tall height of the histogram. However, the indicator’s lighter shade suggests a decreasing bullish momentum as the price action falls below the $0.500 mark.
The EMAs are currently trading below the mean position as net price movement over the last seven days remains negative. However, the ADA market finds support across the short-term charts, and the EMAs are recovering, with the 12-EMA taking the lead. At press time, the 12-EMA is converging with the 26-EMA as the selling activity increased in recent hours.
The RSI had dived into the oversold region on June 13 but has since moved back into the neutral region as the price action consolidates around the $0.5000 mark. At press time, the index trades close to the mean level at 50.00 and hovers at 47.55, moving horizontally. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from either side of the market.
The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator has started to show a narrow channel as the price action oscillates around the $0.500 mark. At press time, the indicator’s mean line provides support at the $0.4896 mark, while the upper limit presents a resistance level at $0.5289.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a sell signal with 12 of the 26 major technical indicators supporting the bears. On the other hand, only four of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Cardano price analysis shares this sentiment and also issues a sell signal with 14 indicators suggesting a downwards movement against only two indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the mid-term charts. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Cardano price analysis?
The Cardano price analysis shows that the bulls tried to initiate a rally but got rejected at the $0.5500 mark as the bullish momentum was low and the selling pressure continued to increase. Currently, the price has fallen below the $0.500 mark and shows signs of further downwards movement as the bears dominate the market.
Traders can expect ADA to move downwards to the $0.45000 mark as the bears take over. Furthermore, the suggestion is supported by the mid-term technical indicators, which show strong bearish dominance. If the bulls are unable to defend the $0.4500 mark, ADA is likely to fall to the $0.4000 mark again.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-17/