Cardano price analysis: ADA under the bearish domain as the price drops heavily to $0.559

Bitcoinethereumnews 1 month ago Report
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The Cardano price analysis for today is completely on the bearish side. Bears gained the lead from the start of the day and have taken the price level from $0.597 to $0.559. After three consecutive days of efforts for price recovery from the bullish side, today ADA moved down again and has corrected down to the $0.559 level.

ADA/USD 1-day price chart: Bulls to hold on to $0.528 support

The 1-day Cardano price analysis shows a decrease in the price today. The ADA price was continuously recovering for the last few days, but today bears gained enough strength to plunge the price down again. Due to the overall bearish markets, ADA has lost a precious 20.07 percent value during the past week as it is trading at $0.559 at the time of writing after the recent correction, and a further decrease in price value is also expected. In this case, the next support for ADA is present at $0.528, where bulls can look for support. However, the trading volume has increased by 21.87 percent, providing a market dominance of 1.49 percent.

ADAUSD 1 day price chart 2022 05 16ADA/USD 1-day price chart. Source: TradingView

The volatility is high and seems to be increasing as Bolling bands are expanding, with the upper band at $0.952 representing the strongest resistance, and the lower band at $0.446 representing the strongest support. The average of Bollinger bands is $0.699 above the current price. The moving average (MA) is at the $0.575 level below the SMA 50 curve, and the relative strength index (RSI) is at index 35 and going further down.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows that bears have made quite a comeback today, and the price is falling as bears are securing red candlestick on the charts. ADA price is decreasing continuously from the start of the trading session, as bears are gearing up to damage the price value further.

ADAUSD 4hour price chart 2022 05 16ADA/USD 4-hour price chart. Source: TradingView

The volatility is moderate but slightly less than that of the past few hours. The Bollinger bands are showing the following readings; the upper band is present at the $0.600 mark, and the lower band is present at the $0.493 mark.

The average of Bollinger bands is forming at $0.547, below the price and the moving average (MA) is at $0.556, just below the price level. However, the price is falling fast towards the above to mentioned values which further solidifies the bearish momentum. The relative strength index (RSI) is at index 50 but on a downwards curve hinting at the selling activity in the market.

The technical indicators for Cardano price analysis are also favoring the sellers as all-important moving averages (MA) are on the bearish side. The MA10, 20, and 30 are all indicating sell signals. The exponential moving averages EMA10, 20, and 30 all also show selling signs.

Overall a majority of 15 technical indicators show sell signals and only one indicator is giving a buy signal, whereas 10 technical indicators stand neutral in the current situation.

Cardano price analysis conclusion

The daily and hourly Cardano price analysis shows ADA/USD crypto pair may remain bearish for the next 24 hours as bears are gaining strength and are reducing the price levels. There are sufficient chances of further price damage as can be analyzed from the hourly RSI indicator movement, and the presence of support at a much lower level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-05-16/

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