Cardano price analysis: ADA stumbles at $0.3291 after a bearish divergence – Cryptopolitan

The Cardano price analysis shows the market has been following a bearish trend for the past few weeks as the price trend curve is downwards overall. Though bullish activities have also been observed at times of the previous day but the major trend is still in favor of bears. Yet the price underwent a significant decline in the last 24 hours as well as the coin faced rejection once again at $0.3353. The latest downtrend has decreased the coin value to $0.3291, which is the lowest price recorded for the day.

Cardano 1-day price chart: ADA/USD value depreciates below $0.3291

The one-day Cardano price analysis shows a constant downward trend has been going on for the past couple of days, as the selling activity has been on the rise. The bears have been dominating the price chart for the past 24 hours as well, as the price went down to $0.3291 at the time of writing, losing 1.43 percent value over the last 24 hours. The situation is turning more unfavorable for cryptocurrency buyers, as ADA value is constantly decreasing.

Although the bulls are trying to find their way to recovery, the bears have been making their attempts unsuccessful. The volatility is unchanging as both the Bollinger bands are moving downwards while maintaining their distance, and the upper value for the Bollinger Bands Indicator is now at $0.419, and the lower value is at $0.318. The Relative Strength Index (RSI) is also in the seller’s territory at 34.19 and shows no signs of recovery from here. The MACD line is below the signal line with a bullish crossover, indicating that bearish pressure has been increasing since yesterday.

Cardano price analysis:  Bears are dominating the price chart

The four hours Cardano price analysis also indicates a downtrend as the price has undergone a notable decline in the past few hours. The latest price movement is bearish, and the bears have managed to pressurize the market after a small bullish period. The price is now at a much lower level of $0.3291 and may decrease further in the next few hours. The moving average coverage divergence indicator is currently at -0.005, and the histogram is decreasing rapidly, indicating increased bearish pressure.

The SMA 20 is continuously trading below SMA 50, which also hints at the bearish momentum, which seems to be getting stronger. The decrease in volatility suggests that the trends might remain bearish. Nonetheless, the upper Bollinger bands value has reached $0.343, and the lower Bollinger bands value is $0.326. The RSI curve confirms the downtrend at 38.29, and the MACD line is still below the signal line.

Cardano price analysis: conclusion

The Cardano price analysis gives a bearish hint as the price has undergone a massive decline today. The price is now settling at the $0.3291 level and is expected to lower further in the next couple of days if the bears remain dominant. Support for ADA is present at the $0.3231 level, and a few buyers may appear at that point. However, if the price manages to break below this level of support, a further decrease in value can be expected in the upcoming days.