Cardano price analysis shows a bearish trend. There is strong support for the ADA/USD pair at $0.5907 and resistance at $0.6985.Cardano’s (ADA) price has been on a downtrend over the past few days. The cryptocurrency has lost over 8% of its value in the past 7 days and is currently trading at $0.6821.The trading volume has also decreased significantly over the past few days. The trading volume has decreased to $2,994,579,004 while the market capitalization sits at$22.7 billion.ADA ranks position 8 in the cryptocurrencies ranking as it dominates 1.57 percent of the overall digital assets market.
ADA/USD 1-day price chart: Cardano unable to break above the $0.6851 resistance
In the 1-day Cardano price chart, the ADA/USD pair has formed a bearish engulfing candlestick pattern which is a bearish trend reversal pattern. The pair is also trading below the 50-day moving average (MA) and the 200-day MA which is a bearish sign. The MACD indicator is in a bearish trend and the RSI is trading in the oversold region. The ADA/USD pair is likely to find support at $0.5907 and a break below this level could see the price decline to $0.5000.
On the other hand, if the bulls can push the price above $0.7008, the ADA/USD pair is likely to rally to $0.7500.However, there is strong support for the pair at $0.5907 and the bulls are likely to defend this level. The market volatility for the ADA market is seen to be high and the market is likely to experience high volatility in the near future. The Bollinger bands are seen to be closing in which is an indication of low market volatility. The ADA/USD pair is currently trading at $0.6821 and is bearish on the daily timeframe.
ADA/USD 4-hour price chart: Cardano bearish for the next 24 hours
The 4-hour Cardano price chart confirms that a downtrend has been taking place for the past few hours. There is a bearish trend line that has formed with resistance at $0.6985. The MACD indicator is in a bearish trend and the RSI is trading in the oversold region. while MA’s are in a bullish trend which indicates that the bulls might take control over the market again. The ADA/USD pair is likely to find support at $0.5907 and a break below this level could see the price decline to $0.5000.
The market volatility for ADA is neutral as indicated by the Bollinger bands which are neither close nor far apart. The market is expected to experience high volatility in the near future as the Bollinger bands are seen to be closing in. The ADA/USD pair is currently trading at $0.6821 and is bearish on the 4-hour timeframe.
Cardano price analysis conclusion
Cardano price analysis shows that the ADA/USD pair is in negative market sentiment as bears eye break below the 0.
However, there is strong support for the pair at $0.5907 and the bulls are likely to defend this level. The price has fallen below the $0.6985 resistance and is currently trading at $0.6762. However, there is strong support for the pair at $0.5907 and the bulls are likely to defend this level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-10/