Cardano price analysis recently indicates the bulls are trying to step into the market to recover the prices to divert the ongoing bearish pressure. ADA prices have been in a consolidation period around $0.5, with bulls facing strong rejection at $0.628. The market has seen a price decline of over 7% in the past day as the bears take control. The market is currently trading at the $0.524 level, a critical juncture whereby the bears and the bulls have been battling it out.
The market has found support at $0.50 and the bulls are currently trying to push the prices up. However, the bears are not giving up easily as they are selling at higher levels. The market is expected to see some volatile movements in the near term as the bulls and the bears battle for control. The key level to watch out for is $0.5, a break below which could see prices tumbling down to $0.45 levels. On the other hand, a break above $0.628 could see prices rallying up to $0.70 levels in the near term.
ADA/USD 1-day price analysis: Bears and bulls battle it out
Cardano price analysis over the last 24 hours reveals a price battle whereby the bulls are trying to take control of the market but the market is faced by stiff bearish pressure. The market is expected to see some volatile movements in the near term as the bulls and the bears battle for control. The trading volume for the ADA/USD pair is currently at $$398,204,651.10 while the total market cap is at around $17.69 billion. The pair is dominating 1.41 of the total digital assets while it ranks at position 8 in the cryptocurrency market listing.
ADA/USD pair is anticipated to perform better this new week after a period of consolidation as bulls take control of the market. The market is currently at a critical point as the bulls and the bears battle for supremacy. Bullish signals are however in play as the MACD line is on the verge of crossing the red signal line to the upside on the 1-day timeframe.
ADA/USD 1-day price chart, source: TradingView
The RSI indicator is at 46.78 and it is pointing upwards which indicates that the bulls are in control of the market momentum. However, bulls need to be very careful as the bears are still very much in play and they could make a comeback at any moment. Prices need to close and sustain above the $0.628 resistance level for the market to confirm that the bulls are back in control. On the downside, prices need to find support at the $0.5 level to avoid further declines.
The moving averages are all pointing to the downside which indicates that the market is in a bearish trend. However, the 21-day and 50-day MA are starting to flatten out which could be an indication that the selling pressure is starting to ease off. The 200-day MA is still trending downwards which indicates that the path of the least resistance is still to the downside.
Cardano price analysis on a 4-hour price chart: ADA/USD trades in a bearish trend
Cardano price analysis on a 4-hour timeframe reveals that the market is in a bearish trend as indicated by the moving averages. The market has found support at $0.50 and the bulls are currently trying to push prices up. However, selling pressure is still very strong as evidenced by the long wicks on the candlesticks. The market volatility is low as indicated by the converging Bollinger bands. Also the ATR indicator is currently at 0.0520 which is relatively low.
The technical indications on a 4-hour timeframe indicate bullish signals as the MACD line is currently making a move towards the signal line. The market is expected to shift to the bullish sentiment if some decent bullish momentum is seen that can push prices up to break and close above the $0.628 resistance level.
ADA/USD 4-hour price chart, source: TradingView
The RSI line is currently at 46.22 and is on the verge of entering neutral territory. This could be an indication that the market is due for a corrective rally in the near term as the bulls take control of the market. This indicates the market has some more room for upside before it becomes overbought.
The overall market trend is bearish as the 100-day MA is trending downwards. Bearish pressure could continue to put pressure on prices as the 200-day MA is still trending downwards. However, a move above the $0.628 resistance level could invalidate the bearish trend and shift the market back into bullish territory.
Cardano price analysis conclusion
Cardano price analysis for today indicates the market sentiment is likely to shift to the bullish side if the bulls can push prices above the $0.628 resistance level. Prices are hovering around $0.5245 with no clear direction. The market is expected to see some volatile movements as the bulls and the bears battle for control.
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