Cardano price analysis: Bears extend ADA decline to $2.76

TL;DR Breakdown

• The Cardano price analysis is going in the favor of bears today.
• Price levels are constantly lowering and have reached $2.8.
• Support is present at $2.7, which is still quite strong.

The Cardano price analysis is showing a drop in the price levels today, which lowered the coin value as well. More sellers continue to approach the market, with the intention of taking the price down even further. The value of ADA/USD lowered by 1.55 percent in the last 24-hours.

The bearish momentum today has caused the price to lower to $2.8, as the bears have successfully taken charge of cryptocurrency again. Although there have been instances where bulls have tried to make a comeback, bears have still been able to lead till now.

ADA/USD 1-day price chart: Price stoops to a new low in 24-hours

The 1-day Cardano price chart is showing the bearish momentum at the lead, and the price levels have dropped considerably today. The past few days have seen a speedy recovery for the price, yet today’s trend is again supportive towards the bears.

The price value is present at the $2.76 level, which is just below the Moving Average (MA) value i.e. $2.78. The volatility is gradually decreasing, which is a relatively positive indication for cryptocurrency in the future.

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

The Bollinger’s bands are vital in predicting the upcoming trends, and in the following chart the upper band is present at $3.16 and the lower band is present at $1.7 positions respectively.

The Relative Strength Index (RSI) score is decreasing slowly and has reached 65, which is still near the overbought mark because of the bullish trends in the past week.

Cardano price analysis: Price levels dropping on 4-hours chart

The 4-hours Cardano price analysis is showing us a bearish momentum taking over the price chart. The market is being exploded by the sellers, as they are trying to compensate for their losses by selling their assets.

The price has dropped to $2.76, and the bearish lead has been restored after certain bullish retraces. The moving average value in the 4-hours chart is $2.83, whereas the Bollinger’s bands are at an average of $2.83.

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

The volatility is decreasing which means that the future might hold positive signs for cryptocurrency. Meanwhile, the upper Bollinger’s band is at $2.93, the lower Bollinger’s band is at $2.74 and the RSI score in the 4-hours price chart is average i.e. 48.

ADA/USD technical indicators chart. Source: TradingView

The ADA/USD technical indicators chart is showing us a bullish signal because the past week has been highly favorable for the buyers. The summary shows that there are a total of 14 indicators at the buying point, four at the selling and eight at the neutral point.

The Moving Averages indicators are also going strongly bullish because they present the general trends and the average price values. There are 13 indicators on the buying side, and one indicator each is present at the selling and neutral side.

The Oscillators are telling us about the latest trends which have been slightly bearish, as there are three indicators at the selling point, seven at neutral, and only one at the buying point.

Cardano price analysis conclusion

From the above 1-day and 4-hours Cardano price analysis, it can be deduced that the tides are moving in the favor of the bears. The price has been lowering for the past few hours, despite the resistance caused by the bulls as per Cardano price analysis.

Yet, the value has decreased up to $2.78, casting a huge impact on the overall market trends. If the bearish momentum intensifies in the future, then there is a high probability that the support will go below $2.73 as well.