The Cardano price analysis shows bearish price movement today, as the coin has broken below the $0.478 mark crushing the support present at the same level. Bears have covered a range downwards since yesterday as the ADA price has come down to $0.470. The coin seems to be priming, maybe for a further downtrend as the bearish momentum has returned, and now the bears are aiming for plunging the price levels down towards the $0.412 level in the coming days. However, some bullish efforts have also been observed in the last four hours, but the bearish dominancy is still there.
ADA/USD 1-day price chart: ADA loses six percent value as bearish dominancy still persists
The 1-day Cardano price analysis shows the coin is continuing downside below the $0.50 psychological mark as it is trading hands at $0.470 at the time of writing. Bulls and bears have been exchanging positions throughout the week, but overall, bears are at the lead, and the same is the case for today. The ADA/USD pair reports a deficit of 6.01 percent in price value during the last 24 hours, and the weekly gains have shrunk to only 1.90 for the past week. The trading volume has also decreased by 6.35 percent, and the market cap has decreased by 5.25 percent over the last day.
The ADA shows comparatively high volatility as the Bollinger bands are expanded, with the upper band present at the $0.649 level and the lower band present at the $0.412 level representing a support zone for ADA/USD pair. The average line of the volatility indicator is trading at the $0.531 mark representing resistance for the cryptocurrency.
The relative strength index (RSI) score is slowly decreasing as the RSI is trading on a downwards slope. The RSI is trading in the lower half of the neutral region at index 41, indicating the selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows the coin is in the loss for the day as the price is on the decreasing side, but bulls have returned, and the price function has been moving upwards for the last four hours, which is a hopeful sign but to come out of the bearish cycle seems difficult as the price oscillations are slow. The last green candlestick has also started to shrink back, which is a sign of strengthening of bearish momentum.
The volatility is also high on the four-hour chart as the Bollinger bands show the following readings, the upper band is the $0.512 level representing resistance for the coin, and the lower band is at the $0.444 level, which represents support for ADA, the mean average of the indicator at the $0.478. The RSI level has also increased during the last few hours, and the indicator has reached an index of 45, but the score may decrease again as the green candlestick is shrinking.
Cardano price analysis conclusion
The Cardano price analysis is on the bearish side, and the coin is under market pressure right now. If bulls succeed in getting more support, then the price may recover up to $0.478. On the other hand, if the bearish pressure continues, then the price may slip down to a new low. There are more chances for the later situation as the bears are again gaining strength.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-06-22/