Cardano Price Analysis: Cardano remains uptight within $1.355 supply zone amidst criticism

TL;DR Breakdown

Cardano opened the weekly and daily trading chart at $1.3544
Cardano (ADA) relative strength index has fallen into the undersold region
At the time of writing, Cardano price analysis is bullish, downsloping and the ADA/BUSD pair is $1.3360.

Cardano Price Analysis: General price overview

Cardano opened the weekly and daily trading chart at $1.3544 against the US dollar. A bearish pullback made the coin correct back to the $1.33 intraday low before resuming into a bullish uptrend through a falling wedge pattern. Approaching the early morning at 05:00 GMT, the price sank to form a cup with handle pattern after it had set a high upside across $1.3650. Cardano has just completed the handle of the cup with handle pattern on the 4-hour chart and formed an intraday high at $1.3861.

The daily range is uptight, with the market choppiness index extended towards narrow volatility in the upcoming hours. Notwithstanding, it’s a good start to Cardano’sthe week after a weekend downturn that began on Friday after Cardano formed a weekly low at $1.2833. Analysts hope the coin will record improvements in the coming days after several weeks onf consecutively losing nearly 2 percent per week.

Cardano price movements in the last 24 hours

Cardano (ADA) relative strength index has fallen into the undersold region and is suggesting bearish weaknesses over the next hours. Two supports are in play, one is the July 2nd low at $1.2778 and another one at the 50-day simple moving average at $1.310. An important channel to mark is the intersection of the rising channel support and the 50-day SMA on the 12-hour sticks.

Failure for the bulls to extend a solid recovery around this intersection would increase bearish momentum and steer the coin towards a downswing into fresh lows. Sellers are concentrated around $1.344, a price point that is already holding the 4-hour price chart hostage. Market choppiness index suggests low volatility at the moment but appears to be appreciating on the daily chart.

Cardano 4-hour price chart

Cardano price analysis is bullish at the time of writing, and the ADA/BUSD pair is trading at $1.3360. The coin’s path of least resistance signals a downswing and the RSI is still bearish. The 100-day simple moving average is downsloping and closing in on the 200-day simple moving average, thereby marking a bearish cross on the 4-hour chart. The bulls are eyeing their next target at the $1.4610 upside, near the 200-day horizontal simple moving average. This price level will come into play should the bulls manage to sustain an uptrend above the critical demand zone lying at $1/3800.

Cardano price analysis conclusion

Cardano Founder Charles Hoskinson has recently been faced by an uproar of critics focusing on the project’s inability to achieve its yearly goals. Majority of the critics went on to describe Cardano as the Ghost of Blockchains and questioned why no dApps were running on the chain.

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