Cardano price analysis for today shows a bearish trend. There is strong support for the ADA/USD pair at $0.4181 and resistance at $0.4287. Cardano‘s (ADA) price has been on a downtrend over the last few hours. The cryptocurrency has lost over 5.51% of its value in the past 7 days and is currently trading at $0.4227. The trading volume has also decreased significantly over the past few days. The trading volume has reduced to $431,304,262 while the market capitalization sits at $14 billion.
Cardano price on 1-day price analysis: ADA/USD pair in a bearish trend
In the 1-day Cardano price chart, Cardano price analysis has formed a bearish engulfing candlestick pattern which is a bearish trend reversal pattern. The market followed the bearish trend for the past week, and the bearish momentum also intensified today, the coin lost significant value during this time and reached a high of $0.4287 resistance and today prices have dropped below $0.4181 support.
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 RSI indicator is currently at 42.04 and is moving towards the oversold region. The 50-day moving average is trading below the 200-day moving average which is a bearish indicator.
ADA/USD 4-hour price chart: Recent updates
The 4-hour Cardano price chart confirms that a downtrend has been taking place for the past few hours. The ADA/USD pair has breached the uptrend line and is currently trading below it. Bears are currently in control of the market but the bulls are trying to make a comeback.
The upper Bollinger band is at $0.4287 acting as resistance while the lower Bollinger band is at $0.4181 functioning as a support. The 50-day moving average is $0.4276 and the 200-day moving average is $0.4102. The RSI indicator is currently below the 37.93 level which is a bearish indicator.
Cardano price analysis conclusion
In conclusion, Cardano price analysis shows that the ADA/USD pair is in a bearish trend as prices decline below the $0.42 level. Prices have recently found support at the $0.4181 level as buyers steps in to defend this key level. The market is highly volatile as prices fluctuate in a wide range. The bulls are seen to be tumbling to defend the $0.42 level as selling pressure intensifies. The bears are seen to be in control of the market as they aim to push prices lower.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-202-10-03/