Cardano price analysis: ADA revisits $0.966 as bears intervene

TL;DR Breakdown

• The Cardano price analysis is bearish.
• The price has been lowered to $0.966 today.
• Support for ADA is present at the $0.914 level.

The Cardano price analysis indicates the market seems to be showing a relatively bearish trend as the ADA price corrects down to the $0.966 mark. If we observe the trend, in the past few hours, the market price has constantly been sinking as observed by the red candlesticks, indicating bearish momentum, as the coin was rejected from the further upside at $0.976 level. The next support for ADA is present at $0.914, which is still quite low from the current price.

ADA/USD 1-day price chart: ADA corrects above $0.900

The one-day Cardano price analysis shows bearish candles as the bears seem to take over the market. The movement of the candle chart is constantly downwards today, after setting a short-term trend line in the bullish direction. If we observe the Bollinger’s band area, the apparent average is set at $0.846.

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

The volatility has started to increase again as the Bollinger bands ends are expanding, with the upper band at $0.957 just below the price level and the lower band at $0.734. The Relative Strength Index (RSI) score shown in the one-day ADA price chart is 59, which is a relatively good score, but the curve is headed downwards due to the selling pressure that arises today.

Cardano price analysis: Recent developments and further technical analysis

The four-hour Cardano price analysis shows a continuous decrease in price levels from the start of the current trading session. The chart also shows increasing volatility as examined through the Bollinger bands. This is a positive indication for the buyers as the trend might change in the coming hours, thereby providing a way for the bullish momentum to return.

ADA/USD 4-hours price analysis. Source: TradingView

The Bollinger bands are also expanding on the 4-hour chart, indicating high volatility, with the upper point present at the $0.988 mark and the lower point present at the $0.859 mark. The RSI is trading at index 70 in the overbought zone even after decreasing today. Yet, the moving average is trading below the price level at $0.953.

Cardano price analysis: conclusion

The Cardano price analysis shows a gradual decrease in the price levels as the market is being approached by more and more sellers. The support level stands at $0.914, but we expect this support might not come under test, and the price function may get support quite above if the market sentiment turns positive.