Cardano Price Analysis: ADA/USD trading pair extends bearish continuation to $1.40
TL;DR Breakdown $1.33 – $1.58 range still holding after the 8th-9th July crash The Bollinger band is contracting on the 1-hour chart suggesting low trading activity. At the time of writing, the ADA/USD trading pair is selling at $1.416...
TL;DR Breakdown
- $1.33 – $1.58 range still holding after the 8th-9th July crash
- The Bollinger band is contracting on the 1-hour chart suggesting low trading activity.
- At the time of writing, the ADA/USD trading pair is selling at $1.416
Cardano price analysis: General price overview
Cardano price analysis saw the RSI touch the overbought region only twice on the 24-hour chart before settling within the neutral zone. The chart indicates moderate volatility with a slightly broad daily range between an intraday low of $1.3970 and an intraday high of $1.4411. For the seventh consecutive day and already into another weekend, Cardano has been trading within the $1.33 – $1.58 range after the 8th-9th July crash from $1.71 to $1.411.
Meanwhile, the coin did consolidate the downward pullback by 16th July and touched $1.611. However, the strength was short-lived, and the bulls have been trying to defend the support at $1.50 between 16th and yesterday. Unfortunately, bullish strength seems to have resided, resulting in a break below $1.50 into the $1.33 – $.143 price level. There is a bearish crossover on the moving average convergence divergence (MACD); that has sunk below the signal line towards the 0.00016 marks on the 1-hour chart.
Cardano price movement in the last 24-hours
Cardano price action opened the 24-hour chart at a price of $1.42 against the US dollar. The bulls attempted to establish a slight uptrend that saw the coin position itself around the $1.44 price mark before slumping to the 24-hour low of $1.39. The low is the bottom angle of a descending triangle starting at $1.4450, and the recovery angle indicates the entry of buyers at $1.4300. Cardano’s Bollinger bands are narrow,, and there are only a few instances where the price meets the moving average on the 24-hour chart. The moving average divergence convergence has been bearish for the better part of the day, alongside the RSI and six other major technical indicators.
Cardano 1-hour price chart
The Bollinger band is contracting on the 1-hour chart suggesting low trading activity. Red candles are increasing and the downward momentum seems to be extending into the recent price movement. Buyers need to come in and wage support from the broader market to shape an upward trajectory. At the time of writing, the ADA/USD trading pair is selling at $1.416 a piece. It’s a favorable time for dip investors to come in and purchase the dip as they await the next leg that will take the price towards $1.94 and the $2.14 ATH.
Cardano price analysis conclusion
Cardano price analysis is bearish since the bulls have been unable to recover from the higher lows between $1.33 – $1.44. This could lead to a downward continuation over the next 24-hours and establish another low near the $1.33 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.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
