Cardano price analysis: Bearish pressure drags ADA down $0.354 – Cryptopolitan

Cardano price analysis shows that the cryptocurrency has been experiencing a downtrend over the past few hours. The price levels have moved down to meet the $0.354 level, which is a quite negative situation for the coin as it keeps losing ground.

The bears are inclined towards taking the price further below the current price value to keep maintaining their bearish slide that has been continuing for the past few hours. The bears have played swiftly as they have dodged past the bullish momentum that had interrupted their streak.

ADA/USD 1-day price chart: Bearish strike deflated the price to the $0.354 level

The 1-day Cardano price analysis is showing a downtrend for the price function once again. The bears have managed to secure a win in the last 24 hours as the price has undergone a reduction of up to $0.354 with a loss of 1.25 percent. The 24-hour trading volume has reached a total of 236 million USD, and the market capitalization of the cryptocurrency has gone down to USD 12 billion.

The Bollinger bands are forecasting a bearish outlook for the price value as their convergence indicates that the prices may go even further down in the coming hours. The upper Bollinger bands have settled at the $0.377 level, which is also a potential resistance point for the price to face, while the lower limit of the bands is at $0.303 which provides a cushion for the price to stay in. 

The moving average indicator is signaling a bearish strike as the 50-day MA has dropped lower than the 20-day MA. The RSI indicator is also at a low of 51.46, which implies that the bears are in control and are pushing the price down further.

Cardano price analysis: Bearish trend persists at $0.354

The  4-hour chart for Cardano price analysis shows that the bears are still in control of the market as they continue to push the price down. The support levels for the coin have been set at the $0.3498 mark, which is a crucial point to watch out for as any breach would cause immediate damage and a further dip in price values and if bullish momentum manages to break above the $0.3566 level then there could be a reversal in trend and prices may shoot back up again.

The volatility is at a low as the Bollinger bands are converging tightly around the current price values. The upper Bollinger bands have been set at the $0.377 mark, while the lower bands are at the $0.347 mark, indicating a bearish trend across the market. The RSI indicator is also low at 46 and implies that the bears are holding onto their control. The moving average indicator is currently at $0.356, which shows that the bears are still in complete control of the market.

Cardano price analysis conclusion

Overall, Cardano price analysis is showing a bearish trend across its market and if any bullish momentum manages to break past the current support levels then prices may see some gains again. The current resistance levels have been set at the $0.3614 mark, and any breach of this level may signal a reversal in trend and prices may see some gains. However, the bears are still in control and if they manage to break below the support levels then the price could go down further.