Cardano price analysis is in favor of bears today as a further decrease in price has been observed today. The market has followed a bearish trend since yesterday, 27 December 2022. The cryptocurrency is facing loss once again as the bearish momentum has stopped the price from going above $0.2613. As a result, the price moved down to $0.2522. The bearish momentum seems to be strengthening on the four-hour chart as the price is moving toward the lower limit of the volatility indicator so a further decline in price can be expected in the coming hours.
ADA/USD 1-day price chart: Bearish trend aggravates as price slumps down
The price is going down once again as a bearish trend has been confirmed from the one-day Cardano price analysis. The ADA/USD pair is trading hands at $0.2522 at the time of writing after being on the decline steadily since yesterday as the bearish momentum has come back. However, the bulls were seen earlier yesterday attempting to break the $0.02613 resistance level but failed as the price went down again after reaching a high of $0.26 levels. The crypto pair has lost a value of 3.80 percent during the last 24 hours and has a trading volume that has also been down to $195 million according to CoinMarketCap.
Furthermore, the volatility has been on the increasing side, which is yet another bearish sign. The upper limit of the Bollinger bands is at $0.32, whereas the lower band value is at $0.229. The Relative Strength Index (RSI) is moving downwards at an index of 29.80. The indicator hints at the price function under high pressure as traders are selling their assets. The moving average on the daily chart shows has also been decreasing sharply, suggesting that the bears are still in control of the market and a further decrease in price can be expected today.
Cardano price analysis: Recent developments and further technical indications
The four hours Cardano price analysis is showing signs of strengthening of the bearish momentum as the price underwent further decline during the last four hours. Although a downtrend has been dominating the charts, the bulls have shown their last presence at the end of the previous trading session. Today, the bears have succeeded in taking the lead back, and all the candlesticks for today are red. The price level is still below the moving average (MA) value, which is standing at $0.257 for now.
The volatility has been increasing on the 4-hour chart as well, which means that chances of further recovery may come in the coming hours. The Bollinger bands Indicator dictates the following values; the upper value is currently at $0.267, whereas the lower value is at $0.251, as the price moves towards the lower band. The RSI curve is continuously moving down as the selling pressure is immense, and the RSI level has now decreased to index 49.84 in the lower half of the neutral zone implying the selling pressure.
Cardano price analysis conclusion
Cardano’s price analysis shows that the price has followed a downward movement today because of the bearish trend dominating the market. As bears have been in the driving seat for the past 24 hours so, bullish help may appear in the coming hours if bears show any exhaustion. But if the selling pressure continues, then ADA may revisit the support zone around $0.2508.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-12-28/