Cardano price analysis: Price levels continue sinking as ADA revisits $0.875

TL;DR Breakdown

• The Cardano price analysis is bearish.
• The price has been lowered to $0.875 today.
• Support for ADA is present at the $0.867 level.

The Cardano price analysis is bearish for today as the cryptocurrency price is covering a downwards movement once again. The bears have been ruling the price function for the last three days and have damaged the coin value considerably, outperforming the bullish side, as the price levels are continuously sinking. The recent downtrend has been quite discouraging as during the past week, the trend line direction turned upwards for a short while, but now the cryptocurrency is completely under bearish pressure. However, support has also been seen appearing on the four charts, which is an encouraging sign.

ADA/USD 1-day price chart: ADA shows a bearish tendency

The one-day Cardano price analysis is going negative for the cryptocurrency as there has been a considerable amount of deficit in the price value. The price has stumbled low towards the $0.875 level today, losing 4.7 percent value during the last 24 hours and may settle at a further lower level. The bearish pressure has been continuous since 2nd March, and the trading volume is also low by 8.66 percent over the last day.

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

The moving average (MA) for the 1-day chart is at $0.904, but the SMA 20 curve is still trading below the SMA 50 curve. At the same time, the Bollinger bands are making an average of $0.949 in the 1-day ADA/USD price chart.

The Bollinger bands are showing high volatility as their upper and lower values are situated at the following marks; the upper limit is at $1.106 representing the resistance, whereas the lower limit is at $0.792 representing the support, also indicating the volatility has been towards the higher side for the day. The Relative Strength Index (RSI) score is 39, as the indicator is on a downwards slope traveling towards the underbought region.

Cardano price analysis: Recent developments and further technical analysis

The 4-hour Cardano price analysis chart shows the price has started to recover once again as the bulls have made a comeback during the past couple of hours. The ADA/USD price is settled at $0.875 and can be expected to increase further in the coming hours if the bullish efforts continue. However, after the steep plunge observed at the start of the trading session, the balance of power remains towards the bearish side.

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

The moving average is at the $0.906 level above the price level for the 4-hours price chart. The Bollinger bands indicator shows the following values; the upper value is $0.996, and the lower value is $0.874, indicating high volatility for ADA. The RSI score has also stopped decreasing because of the recent uptrend and is hovering around index 36 as the price function is under bearish pressure.

Cardano price analysis: conclusion

The Cardano price analysis suggests the trend for ADA/USD has been bearish for the day as the bears have caused further loss today. The cryptocurrency’s performance has been nonsupportive for the buyers for the last three days, as the price has decreased again to $0.875.