Cardano price analysis: ADA to retest $1.86 as support
TL;DR Breakdown Cardano price analysis is bearish today. The resistance for ADA is found at $1.90. Support is present at $1.86. The Cardano price analysis shows a bearish trend. Overall the coin is following a downwards trend from the...
TL;DR Breakdown
- Cardano price analysis is bearish today.
- The resistance for ADA is found at $1.90.
- Support is present at $1.86.
The Cardano price analysis shows a bearish trend. Overall the coin is following a downwards trend from the last two weeks, but the bulls tried to make some recovery during the last two days. However, today bears are leading the price function again as a decrease in price has been observed.
The broader crypto market has received bearish sentiment over the last 24 hours. Most of the top altcoins are reporting losses, along with the Bitcoin and Ethereum covering a downwards range today. The trends were upwards for the last two days, but a reversal is observed today.
ADA/USD 1-day price chart: bears devalue ADA to $1.88
The 1-day Cardano price analysis shows a decrease in coin price today, as the coin has fallen from $1.91 to $1.88 today. Today’s downtrend has almost canceled out yesterday’s gains, as now gain in value has decreased to 0.18 percent for the last 24 hours, and for the last week, the coin shows a loss in value amounting to 8.14 percent. The trading volume has also decreased by 8.38 percent.
The volatility is increasing again as the Bollinger bands are diverging slowly, with the upper band at the $2.213 mark and the lower band at the $1.78 mark representing support for ADA. The mean average of the indicator at the $1.99 mark represents resistance for the coin.
The relative strength index (RSI) shows a downwards slope as it trades at index 41 in the lower half of the neutral zone, indicating the selling activity in the market. The price has also stepped below the moving average (MA) today, which is also a bearish crossover.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows that the price fell steadily during the first four hours of today’s session, but then a slow down in downtrend was observed for the next four hours, as the damage is less for that interval of time. The last candlestick is green which shows some support has shown up for ADA; as a result, the downfall has stopped, but yet no countable recovery has been observed.
The volatility is mild on the 4-hour chart with the price trading above the mean average line of the volatility indicator, and the mean average represents support for ADA here at the $1.85 mark, and the upper limit of the indicator at the $1.94 mark represents resistance for the crypto pair. The RSI is also maintaining a horizontal curve, indicating competition between the buying and the selling sides.
Cardano price analysis conclusion
The Cardano price analysis shows a downtrend overall for the cryptocurrency including today, as bears are still continuing their progress and the recovery made by bulls recently is also negligible. If the downtrend continues, the bulls will have to hold on to the $1.85 support level. If the pressure continues, then ADA may roll down to the $1.78 support zone.
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