Cardano price analysis: Price levels down to $0.471 as bearish pressure prevails

The latest Cardano price analysis shows a bearish trend as the price has followed the downwards movement for today as well. The market has been under a bearish spell for the last three days, and the price has undergone a substantial decline. A similar trend was also observed today, as the bears devalued the cryptocurrency down to the $0.471 level. The next support is still further below the $0.457 level.

ADA/USD 1-day price chart: Selling pressure swallows another 5.74 percent

The one-day Cardano price analysis is confirming a bearish trend for the cryptocurrency, as the coin has shed more value. The past week observed a zigzag price action, but now bears seem to be in the controlling position. The price has decreased up to the $0.471 level losing around 5.74 percent value. Meanwhile, the moving average (MA) value has reached $0.494 as an increasing trend was followed previously.

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

The increasing volatility is indicative of future trends, and it can be predicted that more downtrends are coming ahead, keeping in mind the bearish pressure that still prevails. The Bollinger Bands’ upper value is $0.526, while its lower value is $0.415 representing the support level. The Relative Strength Index (RSI) score moved down to index 48 because of the bearish trend indicating the selling activity.

Cardano price analysis: Recent developments and further technical indications

The price has undergone a slight recovery in the past few hours, as the buying process has been reinitiated by the buyers. The buyers are participating in protecting the cryptocurrency value from declining further. Their efforts have been successful so far, as the price has now recovered to $0.471, which is a sign of improvement. The price is yet quite lower as compared to the moving average, which is settling at the $0.487 mark.

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

Although a crossover between SMA 50 and SMA 20 was recorded in the earlier hours, the last four hours were quite supportive for the bulls. If we discuss the Bollinger bands volatility indicator, then its upper value is found to be at $0.532, and its lower value is at $0.0.460. The RSI curve is showing a slight upward movement, and the indicator has recovered to index 39.

A strong selling trend has been dominating the market for the past few days as the bears have been influencing the price movement. A total of 13 indicators are resting in the selling position, while 10 indicators are in the neutral, and only three indicators are on the buying position.

Cardano price analysis conclusion

The 1-day and 4-hours Cardano price analysis shows that the price has undergone a major decline during the day. The price has dropped down to $0.471 after undergoing a constant devaluation for the past three days. Although there have been instances where the bulls tried to take on the lead, the overall control has been in the hands of the sellers. However, currently, the coin price is covering a range upward again, but bulls need more support to change the trend in their favor.