Cardano price analysis: Price levels collapse to $0.841 as bears dominate the market

TL;DR Breakdown

• The Cardano price analysis is bearish.
• The resistance is present at $0.90.
• Support for ADA is present at the $0.823 level.

The Cardano price analysis shows the market has been following a bearish trend for the past few weeks as the price trend curve is downwards overall. Though bullish activities have also been observed at times but the major trend is still in favor of bears. Yet the price underwent a significant decline in the last 24-hours as well as the coin faced rejection once again at $0.869. The latest downtrend has decreased the coin value to $0.841, which is the lowest for the year, leaving a pretty negative impact on the price value of ADA/USD. The next support for the falling price is present at $0.823.

ADA/USD 1-day price chart: ADA value depreciates below $0.841

The one-day Cardano price analysis shows a constant downward trend has been going on for the past couple of weeks, as the selling activity has been on the rise. The bears have been dominating the price chart for the past 24-hours as well, as the price went down to $0.841 at the time of writing, losing 2.74 percent value over the last 24 hours. The situation is turning more unfavorable for the cryptocurrency buyers, as ADA value is constantly decreasing and is at the lowest of the last year. The trading volume has also been slashed by 32.63 percent over the last day. Moving on, the moving average indicator is dictating its value at $0.896 at present.

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

Although the bulls are trying to find their way to recovery, the bears have been making their attempts unsuccessful. The volatility is unchanging as both the Bollinger bands are moving downwards while maintaining their distance, and the upper value for the Bollinger Bands Indicator is now at $1.083, representing the strongest resistance and the lower value is at $0.773, representing the strongest support. The Relative Strength Index (RSI) score has declined up to index 37 again.

Cardano price analysis: Recent developments and further technical analysis

The four hours Cardano price analysis also predicts a downtrend as the price has undergone a notable decline in the past few hours. The latest price movement is bearish, and the bears have managed to pressurize the market after a small bullish period. The price is now at a much lower level of $0.841 may decrease further in the next few hours. The moving average value has moved to $0.854, which is above the price level.

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

The SMA 20 is continuously trading below SMA 50, which also hints at the bearish momentum, which seems to be getting stronger. The decrease in volatility suggests that the trends might remain bearish. Nonetheless, the upper Bollinger bands value has reached $0.905, and the lower Bollinger bands value is $0.823. The RSI curve confirms the downtrend, and the score is low at index 36.

Cardano price analysis: conclusion

The daily and hourly Cardano price analysis gives a bearish hint as the price has undergone a massive decline today. The price is now settling at the $0.841 level and is expected to lower further in the next couple of days. On the other hand, the RSI scores also show bearish supremacy.