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12/29/2022

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Cardano price analysis: ADA price hits $0.2456 in bearish rally - BitcoinEthereumNews.com

Cardano price analysis shows a bearish trend for the day as the price covered a downward movement. The bears have been controlling the price trends for the past 24 hours after the price peaked at $0.2526 the...

Cardano price analysis: ADA price hits $0.2456 in bearish rally - BitcoinEthereumNews.com

Cardano price analysis shows a bearish trend for the day as the price covered a downward movement. The bears have been controlling the price trends for the past 24 hours after the price peaked at $0.2526 the previous day. Today the price has dropped to a low of $0.2456.The bears have managed to keep the price under control as it has not been able to break above the resistance level of $0.2526. It seems that the current downtrend will continue further as the sellers have taken over the market, which is why the market sentiment is negative. However, the next support for ADA is present at the $0.2457 support zone.

ADA/USD 1-day price chart: Downside continues as bears drag price to $0.2456 low

The one-day Cardano price analysis favors the bears as a drop in cryptocurrency value has been recorded in the past 24 hours. The bears have been in the leading position for the past two days, and the price has been following a constant downward movement. The price has been brought down to a $0.2456 low because of the latest bearish turn, as the cryptocurrency sheds another 2.16 percent value every day, and further devaluation in coin value seems close. Meanwhile, the moving average (MA) value rests at $0.2564.

image 578
ADA/USD 1-day price chart. Source: TradingView

The volatility has decreased as the Bollinger bands have converged, with the lower side of the indicator showing a higher degree of convergence. At the same time, the upper value of the Bollinger bands indicator is settled at the $0.3205 position, while its lower value is present at the $0.2261 mark. The Relative Strength Index (RSI) score has declined up to the index 28.96 mark, and a further decrease is highly anticipated as the indicator has traveled from the top side of the neutral region towards the centerline of the neutral zone due to the continuous selling activity for the last 24 hours.

ADA/USD 4-hour price chart: Recent developments and further technical indications

The hourly Cardano price analysis gives the lead to the bears as well, as the price has been under the bearish shadow for the past few hours. A constant reduction in ADA/USD market value has been observed over the past four hours as well, as it moved down to a $0.2456 low. It seems that the current decreasing trend will extend further in the approaching hours as the selling momentum is gaining strength. Moreover, the moving average value in the hourly price chart is $0.2477.

image 577
ADA/USD 4-hour price chart. Source: TradingView

The Bollinger bands indicator shows the following values; the upper band occupies the $0.2692 mark, whereas the lower limit is present at the $0,2404 mark, and the price is again traveling down towards the lower band. The average value of the Bollinger bands indicator is present at the $0.2548 position. Moving on to the RSI score, it plunged to an index of 34.84 after the latest selling activity.

Cardano price analysis conclusion

Cardano price analysis confirms a strong bearish trend for the day. The cryptocurrency value faced a substantial decline in the past 24 hours due to the selling pressure. The coin value is now $0.2456 after losing 2.16 percent in the last 24 hours, and further devaluation seems close.

Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-12-29/

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