The Cardano price analysis report shows the bears are ruling the market for the second day consecutively and have decreased the price level to the $0.626 range today. The bearish lead is unbeatable as the price function is constantly dominated by the sellers, and the price levels are constantly falling. The short-term trend line is still upwards, but the current downfall may change its direction if it continues for a few more days. A further decrease in price can be expected in the upcoming hours as the market is under bearish control.
ADA/USD 1-day price chart: ADA price slips downwards at a controlled pace
The 1-day price chart for Cardano price analysis shows the price is covering the range downwards today, the trend was bullish during the past week. But the coin started retracing yesterday and is retracing for today as well. Currently, the ADA price has come down to $0.626 as ADA has lost 2.89 percent value during the last 24 hours, and a further decrease is also expected in the coming hours. The moving average (MA) is trading at $0.600 above the SMA 50 curve.
The ADA price is trading near the upper limit of the volatility indicator, which at $0.670 represents the strongest resistance for the price function. The lower limit of the Bollinger bands is present at $0.441, representing the strongest support for the cryptocurrency. The Bollinger bands indicate increasing volatility for the crypto pair as the upper and lower band are traveling apart from one another. The relative strength index (RSI) has been trading in the upper half of the neutral region for the past few days as it is present at index 54, and its curve is slightly downwards, hinting at the selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows the coin started correcting at the start of the trading session, and bears are dominating the price function till now as the price action is headed downwards at the moment. The price has traveled below the mean average line of the volatility indicator, which is present at $0.628.
The SMA 20 curve is continuously trading above the SMA 50 curve, as the trend was bullish previously. The volatility is high, and the upper Bollinger band value is at $0.670, while the lower one is at $0586. The RSI score has slightly decreased in the last 8-hours to index 51 center line of the neutral region.
Cardano price analysis conclusion
The 1-day and 4-hours Cardano price analysis shows the coin’s price has decreased further in the last 24-hours as bears are at lead. The bulls are struggling to find support as the price has decreased to the $0.626 level in the last four hours. Further decrease in cryptocurrency value is highly expected in the coming hours, as the hourly prediction is also favoring the bearish side. However, the damage is still under control.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-10/