The Cardano price analysis for today reveals bulls are trying to divert the bearish pressure. ADA/USD price has recovered up to the $0.537 level as bulls made a comeback after bearish dominance observed at the start of the trading session. As bulls are trying to overcome the bearish pressure; ADA price has slightly increased above yesterday’s price cap. However, chances for bears to takeover the price function again are also there as the broader crypto market is observing negative sentiment at the moment.
ADA/USD 1-day price chart: Bullish gains can turn negative at any time
The 1-day price chart for Cardano price analysis shows bulls have succeeded in diverting the trend in their favor as of now but the gain over bearish progress is small and can turn negative at any time. ADA price has reached $0.537 as the coin reports an increase in value by 1.07 percent for the last 24 hours. On the other hand, the coin is at a loss of 28 percent for the past week as the price trend line remained downwards, which brought heavy losses for the coin price value. The trading volume is also low today as it decreased by 28.89 percent, providing a market dominance of 1.42 percent.
The volatility is still increasing for ADA/USD pair; as can be seen on the charts, the Bollinger bands are expanding, with the upper band at the $0.967 mark representing the strongest resistance, and the lower band at the $0.453 mark representing the strongest support for ADA price. The relative strength index (RSI) is hovering in the neutral zone showing a reading of index 31 just above the border of the underbought zone. The RSI levels are low which hints at the bearish pressure.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows the price breakout was downwards at the start of the trading session and the coin corrected for the first four hours. Later on, bulls took charge and equaled the loss by increasing the coin price, as bulls are progressing they just took the price in the greener range, however, the bearish pressure is still there and can come in any time. The price has just moved above the moving average (MA), which is standing at the $0.523 mark.
The volatility is comparatively low on the 4-hour chart, which is a positive indication for the crypto asset, as we can see the Bollinger bands have narrowed down with the upper band at $0.595 and the lower band at $0.435. The relative strength index (RSI) has also increased during the recent hours and shows a score of 46, which is a good neutral figure.
The technical indicators for Cardano price analysis are in support of bears as 14 technical indicators show sell signs and only three technical indicators show buy signs, whereas nine indicators show no sign and are standing neutral, this is because of the larger trend being bearish in the market.
Cardano price analysis conclusion
The daily and hourly Cardano price analysis is supporting a bullish trend for today at this point, but there is selling pressure in the market as well, and we may notice another sell-off, as traders might fear a downtrend if the broader crypto market goes down.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-15/