Cardano price analysis: ADA price correct down at $0.3835 as selling pressure – Cryptopolitan

Cardano price analysis shows a bearish trend as the price chart displays a series of lower highs and lower lows. ADA/USD pair has been trading on a bearish curve from the start of today’s trading session as bears have been in control of the market. At press time, ADA is trading at 0.3835 with a 24-hour loss of 2.53%. The immediate support for ADA is present at $0.3794. If the support breaks, the next support lies at $0.3750. On the other hand, the immediate resistance for ADA/USD is seen at $0.3934. If bulls push the price above this resistance, the next resistance lies at $0.40.

Cardano price analysis daily chart: Bears are adamant to push ADA price toward $0.3800

The daily chart for Cardano price analysis shows bearish price action as the price has been falling continuously. ADA opened the daily chart above $0.3900 and fell to the day’s low of $0.3794 thus displaying a falling wedge pattern suggesting that bears are in control of the market momentum. The market cap for ADA stands at $13,351,418,529 with a circulating supply of 34,814,516,794 ADA coins in circulation.

The technical indicators in this timeframe also favor the bears as the Moving Average Convergence Divergence (MACD) indicator is in the negative territory and the signal line is below the MACD line suggesting a bearish crossover. The Relative Strength Index (RSI) is also below the 50-level at 44 indicating that selling pressure is high in the market and bears are driving the price downwards. Moreover, the moving average (MA) is above the current price suggesting that the path of least resistance is downwards.

Cardano price analysis hourly chart: Recent developments and further indications

Cardano price analysis on the 4-hour chart shows that the bulls are making a comeback in the market as the price is recovering from the day’s low. The buyers have pushed the price above the $0.3800 level and are aiming for the $0.3900 psychological resistance. The moving average has also started sloping upwards with green candlesticks appearing on the chart suggesting buying momentum.

The RSI has turned upwards from the oversold region and is now at 39 suggesting that buying pressure is increasing in the market. Additionally, the Moving Average Convergence Divergence (MACD) indicator has also started sloping upwards with the signal line on the verge to cross above the MACD line indicating a bullish crossover. The red bars on the histogram are decreasing in size suggesting that bearish momentum is fading.

Cardano price analysis conclusion

Overall, Cardano price analysis shows bearish market sentiment in the daily chart but bulls are making a comeback in the hourly chart. As the price recovers from the day’s low, buyers are aiming for a break above the $0.3900 resistance. If they succeed, ADA price may rally towards $0.4000. However, if sellers push the price below $0.3794 support, ADA may drop to $0.3750.