Cardano price analysis shows a bearish trend. The ADA/USD pair has been trading in a descending channel for the last 24-hour period and is currently trading at $0.4661. The support for the pair is present at $0.4648, while the resistance lies at $0.4896.
The cryptocurrency has lost over 3% of its value in the past 24 hours. The trading volume has also decreased significantly over the past few days. The trading volume has decreased to $514 million while the market capitalization sits at $15 billion.
ADA/USD 1-day price chart: Downtrend causes price depression up to $0.46
The one-day Cardano price analysis gives a negative hint regarding the ongoing market trends as a decline in coin value has been observed. The bearish rally has brought the price flow down to $0.4661, as the sellers are determining the price action. As the selling activity is seemingly expanding and the ADA/USD value has lowered up to $0.4648. In contrast, the moving average (MA) value stands at a higher position at $0.4731, which is an indication that the market has a chance to correct upward in the near term.
The ADA bulls have been trying to keep the price action above the $0.48-mark, but they are failing as of now. The Relative Strength Index (RSI) indicator on the 1-day chart gives a bearish signal as it slips below the 40-level and currently stands at 37.04. The upper Bollinger band value is present at $0.4896, representing the strongest resistance, whereas the lower Bollinger band value is present at $0.4648 representing the strongest support for the falling ADA price.
Cardano price analysis: Recent developments and further technical indications
The four-hour Cardano price analysis further confirms the downward trend and the worrisome situation taking shape as the coin value experienced a considerable decline in the past few hours. This is rather discouraging news for cryptocurrency buyers as the bearish wave is getting more destructive with time. Currently, the bulls are helplessly looking for support which hasn’t been found yet, despite the fact that the coin price went below the $0.46 psychological mark. Moreover, if we discuss the moving average value, it stands at $0.4705 in the 4-hour price chart as it travels downwards following the price.
The short-term trending line is moving in a steep descending direction as earlier; the circumstances were already quite unfavorable for the bulls. The upper value of the Bollinger bands indicator is $0.4767 and the lower value is $0.4653, which suggests that the market is highly volatile right now and that investors should be careful before making any further decisions. The RSI has also taken a dip into the underbought zone as the score has reduced to index 24 due to the selling pressure.
Cardano price analysis conclusion
The one-day and the four-hour Cardano price analysis predicts a strong bearish trend for the day as the coin price covered a steep downward curve in the past 24 hours. Although the bearish wave was traveling quite swiftly, today, the coin value decreased up to the $0.4661 mark as the bearish trend intensified. On the other hand, the hourly price analysis shows a bearish inclination, so further downfall can also be expected.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-09-18/