The Cardano price analysis reveals the cryptocurrency is continuing the downslide for the second day now. Cardano got rejected from further upside when the price reached $0.531 on 15 June 2022, and the price started oscillating backward. As the ADA/USD price is stepping down, it may retest the support present at the $0.420, which seems to be the closest for the bulls to fall on.
The Overall crypto market is under strong bearish pressure as Bitcoin and Ethereum are also depreciating today, with Bitcoin stepping into the $18000 range losing 11 percent value, and it may step down into the $17000 range today. Ethereum has also come below $1000, losing 12 percent value, and it may reduce its value to the $800 range if the selling pressure persists. Most of the altcoins are also reporting losses in single and double digits, which seems to increase in the coming hours.
ADA/USD 1-day price chart: ADA loses another 9.5 percent as the price reaches down to $0.438
The 1-day Cardano price analysis shows that a further decrease in the price has been noted again today as the price has devalued to $0.438 at the time of writing. ADA shows a loss in price value amounting to 9.5 percent, which may increase over time as the price levels continue to recede. On the other hand, ADA/USD pair more losses in the price value for the past week, which accumulates to 13.5 percent. The market cap has also decreased by 8.9 percent, and the trading volume is also plunged by 62.8 percent today.
The volatility for the ADA has increased as well as the Bollinger bands are expanding. Now the upper band is at $0.669, representing resistance for the coin’s price function, and the lower band at the $0.420 mark represents support for the crypto pair; the mean average of the indicator is present at the $0.545 mark. The moving average (MA) is trading above the price level at the $0.486 mark but is following the downslope of the falling price.
The relative strength index (RSI) has been slipping down since 16 June 2022 and is trading at index 37 in the lower half of the neutral zone. The downwards curve of the RSI indicates the selling pressure and the selling activity presently occupying the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that the price breakout was downwards at the start of today’s trading session, and the price stooped down to $0.438 during the first four hours. Bulls also uplifted the price at the end of the previous trading session, but the bearish pressure is overwhelming.
The volatility on the 4-hour chart is also high, but now the indicator seems to be taking a downwards breakout, which hints at a further decrease in price levels in the coming hours. the upper band is at the $0.520 mark and the lower band at the $0.431 mark. The mean average of the Bollinger bands is forming at the $0.476 mark, which is trading above the MA value. The RSI shows straight horizontal movement at index 38, which hints at the presence of some bullish elements at this stage. But chances for a revival are almost nonexistent today.
Cardano price analysis conclusion
The Cardano price analysis suggests the price will fall further today as the entire market is under a bearish spell. ADA/USD crypto pair has already gone through extreme loss today, and it is expected that the cryptocurrency value will continue to decrease in the coming hours.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-19/