The Cardano price analysis reveals bears are trying to take the price lower following a downtrend for the past four days. ADA is covering a range downwards continuously as the price levels have stooped to the lowest after 21 February 2021, making it to the year’s lowest price envelope. This has brought negative news for the cryptocurrency buyers as the bears are ruling the market with no mercy for the buyers. Currently, the coin is retracing again, and a further decrease in price is also expected today as the price function moves down towards the $0.696 support zone.
ADA/USD 1-day price chart: ADA is yet to find the support floor
The 1-day Cardano price analysis shows bears are maintaining the lead once again and are trying to take the price lower. Overall, ADA/USD has lost a value of 3.73 percent over the last 24 hours, and the price of ADA/USD is still at a loss of 9.84 percent over the course of the last seven days. During the last week, the ADA/USD crypto pair’s price movement was mostly bearish, as the price curve is downwards for the mentioned period of time, except for a jump higher observed on 4 May 2022; however, the gain was nullified by the bears on the very next day, and the downtrend still continues.
The volatility is high for the ADA/USD pair as the Bollinger bands maintain the distance between their extreme ends, the upper Bollinger band is at the level of $0.955, representing resistance, and the lower band is at $0.696, representing the strongest support. The average of Bollinger bands is forming at $0.825, far above the price level and the moving average (MA) is at the $0.780 mark as the SMA 20 curve continues to trade below the SMA 50 curve.
The relative strength index (RSI) is in the lower half of the neutral zone and still moving down at index 34 after. The indicator hints at the selling activity in the market and may dip into the underbought zone in the coming hours.
Cardano price analysis: Recent developments and further technical indications
The 4-hours Cardano price analysis indicates difficult times for the bulls as they have been seen trying to support the price just recently, but selling pressure is immense, which has marked the trend for the day, as the decrease recorded during the first four hours of today’s trading session was quite strong. During the last few hours, bulls have brought the price up from $0.706 to $0.711, but it seems like they will face another rejection.
The moving average has traveled low to $0.737, following the bearish trend. The volatility is increasing again, which might provide a chance for bulls to uplift the price further in the coming hours, but a major change in trends doesn’t seem possible.
The Bollinger bands are diverging, with the upper band present at the $0.812 mark and the lower band has come down to the $0.711 mark. The average of Bollinger bands is at the $0.762 mark, and the price is trading below the lower band of the indicator, indicating bearish potential. The relative strength index (RSI) has taken an upturn again due to the recent bullish help and has just recovered to index 31 after touching the borderline of the underbought zone.
Cardano price analysis conclusion
The 1-day and 4-hours Cardano price analysis concludes the trend is bearish, but bulls are making efforts to recover the price levels, but overall, circumstances are not that favorable for them. ADA/USD Cryptocurrency hasn’t found the support floor yet, and we expect the price to decrease further over the day.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-09/