Cardano price analysis: Bearish stream lowers coin value down to $1.050 end

TL;DR Breakdown

• Price has dropped down to $1.050.
• Cardano price analysis shows downtrend.
• Support is present at $0.984.

The latest Cardano price analysis predicts a strong bearish trend for the cryptocurrency because of the decline in coin value. The market has been following a downward trend for the past week, and today the circumstances have proved yet again in favor of the bears. The selling activity is on the rise, and as a result, the cryptocurrency value dropped down to $1.050 bottom. It seems that the price will descend to further low points in the next few days.

ADA/USD 1-day price chart: Cryptocurrency encounters bearish resistance as downtrend continues

The one-day Cardano price analysis confirms a declining trend for the day as the selling momentum is constantly intensifying. The situation has been going quite favorable for the bears for the past week, and the price experienced a sharp drop during the last 24-hours as well. Currently, the market value of ADA/USD is at $1.050, and chances of further loss seem close. The moving average (MA) value present in the one-day price chart stands at $1.131.

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

The short-term trending line also moves downwards because of the constant bearish wave. Now, the upper end of the Bollinger bands indicator shows $1.202 of value, whereas its lower end displays $0.984 of value. At the same time, the Bollinger bands are making an average of $1.093 value. The Relative Strength Index (RSI) score declined up to 41.84 due to the latest downside.

Cardano price analysis: Price levels descend to $1.047 boundary after downswing

The hourly Cardano price analysis confirms a downward trend has taken over the market in the past few hours. Although the price recovered earlier due to the bullish comeback, the latest price movement shows bearish supremacy. The price leveled down to $1.047 because of the declining trend, and it seems that the ongoing selling activity will aggravate further. Moreover, the moving average value is found standing at $1.059 position.

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

The volatility is decreasing, which is rather encouraging news regarding the upcoming market trends, and a bullish return seems possible. The Bollinger bands indicator shows the following values; the upper value is $1.194, whereas the lower value is $1.005. The RSI score has decreased to 34.07 and might soon enter the under-bought zone if the downtrend continues even further.

ADA/USD technical indicators chart. Source: TradingView

A strong downtrend has been overruling the market for the past few weeks as a constant drop in ADA/USD value has been observed. This can be further confirmed by the selling signal, which is being given by the above technical indicators chart. We can further see 15 indicators on the selling position, ten indicators on the neutral position, and only one indicator on the buying position.

A selling hint is being given by the moving averages indicators as well. Fourteen indicators are present on the selling side; one is on the neutral side, while zero is on the buying side. The Oscillators predict a neutral trend as nine oscillators are on the neutral end while one oscillator is found on the selling and buying end.

Cardano price analysis conclusion

The above one-day and four-hour Cardano price analysis predicts a strong bearish trend for the day. The market has been under bearish shadow for the past week as the continuous decline has lowered the coin value to $1.050. A similar prediction is being made by the hourly price analysis, which shows the bears at the lead.