Cardano price analysis: Bullish trend halted by bears as ADA corrects to $0.887. Do bulls stand any chance?

TL;DR Breakdown

• The Cardano price analysis is bearish.
• Resistance for ADA/USD is present at $0.907.
• Support for ADA is present at $0.851.

The Cardano price analysis predicts a decreasing trend for cryptocurrency today. Although the price was recovering yesterday and bulls were successful enough to close the day with their lead, the bears have managed to bring the price down to $0.887 in the last 24-hours. The red candlestick indicates that the coin value has been reduced once again as the selling pressure comes in. The hourly price prediction confirms similar market trends for ADA/USD, as the price covered a downward movement in the past four hours.

ADA/USD 1-day price chart: ADA corrects down to $0.887

The one-day Cardano price analysis shows a decrease in the cryptocurrency value, as the price underwent correction during the day. The coin value is currently settling at $0.887 position, as bears have degraded the price. The price trends have been bearish with not much variation for the past week, and today the odds were in favor of the bears again. As displayed in the one-day price chart, the moving average (MA) value is found to be standing at $0.911 position.

The volatility is relatively on the higher side, which means that the price fluctuations will be high in the upcoming week. If we talk about the upper and lower Bollinger bands Indicator’s values, the upper extreme is present at $1.060, representing the strongest resistance, whereas the lower extreme is found to be resting at $0.838, representing the strongest support for the cryptocurrency. The Relative Strength Index (RSI) graph shows a downward curve as the score has decreased up to index 38.

Cardano price analysis: Recent developments and further technical indications

The hourly price chart for Cardano price analysis supports the sellers today as the price levels have receded due to the bearish pressure. Red candlesticks are marking a decrease in price over the past eight hours. Although the bulls were dominating earlier, the sellers currently control the market trends. Right now, the cryptocurrency value is found standing at $0.887. The moving average value in the four-hour price chart is standing at $0.874 points, and the SMA 20 curve has been trading below the SMA 50 curve

The upper band of the Bollinger bands indicator shows a $0.919 reading, whereas the lower band displays a $0.851 reading, and the indicator does not show any significant change in volatility. The RSI graph shows a downwards curve as the downtrend has degraded the score to index 47.

Cardano price analysis conclusion

The daily and hourly Cardano price analysis are in support of the sellers, as a small amount of decrease in ADA/USD market value was observed today. The red candlestick marks a deficit in the coin value throughout the past eight hours. The buyers’ position is weakening as the coin value is now settling at $0.887. However, the trend can also change in favor of bulls as the deficit in price is still on the lower side.

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