Cardano price analysis: ADA shows a downtrend at $0.4033 after a red candlestick formation – Cryptopolitan
Cardano price analysis is bearish today, as a red candlestick formation has been seen on the chart. The price is currently sitting at $0.4033, down from its 24-hour high of $0.4129. The token has lost around 0.69% of its value in the past 24 hours, mostly due to a lack of buying momentum and bearish …<p class="read-more"> <a class="" href="https://www.cryptopolitan.com/cardano-price-analysis-2023-02-03/"> <span class="screen-reader-text">Cardano price analysis: ADA shows a downtrend at $0.4033 after a red candlestick formation</span> Read More »</a></p>
Cardano price analysis is bearish today, as a red candlestick formation has been seen on the chart. The price is currently sitting at $0.4033, down from its 24-hour high of $0.4129. The token has lost around 0.69% of its value in the past 24 hours, mostly due to a lack of buying momentum and bearish pressure.
The past few hours have been exceedingly successful for the bears, as the downtrend is huge and cast negative results on the overall value of cryptocurrency. Yet, the most recent progress is going in favor of the bears, as observed from the price charts. The next support for ADA/USD price function is present at $0.3957, where traders can hope for the price to bounce upwards if the support persists.
ADA/USD 1-day price chart: Price levels sink as bears dominate the market
The 1-day price chart for Cardano price analysis shows price has depreciated to $0.4033, indicating that the bearish trend is dominating the market. The chart shows a strong resistance at $0.4129 and support at $0.3957, which currently indicates that prices may remain in this range for some time before bulls can take control of the market. Additionally, traders should exercise caution as the prices may further sink if support levels fail to hold. The market cap is currently holding at $13.911 billion, which is down 0.70% in 24 hours while the trading volume is currently at $429 billion, which is down 30.73% in 24 hours.
The moving average convergence and divergence (MACD) have formed a bearish crossover, which shows that the downward trend is likely to continue in the short term. The Relative Strength Index (RSI) is also indicating that prices are currently oversold at 68.37, meaning prices could soon bounce back with some bullish action. The moving average (MA) has almost reached the price level and is present at the $0.390 mark, just below the price. If the price continues to fall and travels below the MA, this will be a further bearish indication, complementing the bearish trend. However, the SMA 10 still favors the bullish side as it is still below the price level.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows a steep plunge in price at the start of today’s session, but during the starting hours, some bullish efforts also emerged, pushing the price up slightly. But, soon after the bulls regained control and drove the prices down again to the current level of $0.4033. The hourly chart MA indicates that a bearish trend is present as both SMA 10 and 20 are above the current price level.
The overall technical indications point towards an extended downtrend in Cardano’s price, as the MACD is bearish with a bearish crossover. The RSI is also indicating oversold conditions, which could push the price up in the near future. If the support level at $0.3957 holds, we may see some bullish actions around that level.
Cardano price analysis conclusion
Today’s Cardano price analysis suggests the ADA/USD price is on the decline as bears are dominating the price function. As the technical indications still suggest the buying of ADA assets, but traders should expect a further downside to $0.4033 in the coming hours. Support of $0.3957 seems strong enough, and the price is expected to float above the support level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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