The most recent Cardano price analysis shows a bearish trend for the cryptocurrency as the bears have been at the winning edge for the last 24 hours. Although a strong bullish wave was controlling the price trend in the previous week, today’s trend proved relatively in support of the sellers. The ADA/USD value currently sits at $0.3991, and a further decrease in coin value can be expected if the bears remain
Cryptocurrency has decreased by 4.21% in the last 24 hours, and a Trade volume of $705,847,169 can be seen. The market cap for Cardano is presently at $13 billion.
Cardano price analysis 1-day price chart: Price goes down to $0.3991 after bearish drift
The daily Cardano price analysis predicts a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled unfavorable circumstances as the bullish current has been disrupted. The price is now at $0.3991, and further devaluation is to follow if the selling activity experiences a further rise. Moving on towards the moving average (MA) value, which is $0.4209, for a one-day price chart.
ADA/USD 1-day price, source: TradingView
The RSI indicator is currently at 39.25 and is in the oversold region. The Cardano price will need to break out of the $0.4162 resistance level to resume its uptrend. The volatility is on the rise, which is a relatively negative indication of upcoming market trends. The upper Bollinger band value is now $ 0.4162, whereas the lower Bollinger band value is at $0.3885.
ADA/USD 4-hour chart: Cardano price is facing resistance at $0.4162
The 4-hour price analysis of the ADA/USD cryptocurrency is bearish as the market has faced rejection at $0.4162, which was previously serving as resistance for the coin. The Bollinger bands have diverged, and a squeeze can be observed, which might give rise to high volatility in the near future.
ADA/USD 4-hour price chart, source: TradingView
The short-term trending line is also moving in the bearish direction now. On the other hand, the moving average (MA) value is presently at $0.4036, which is relatively close to the Cardano current value of $0.3991. The RSI indicator is also pointing towards the oversold zone with a value of 30.17.
Cardano price analysis conclusion
The following one-day and four-hours Cardano price analysis is indicating a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain a high momentum and have succeeded in causing a decline in the price to the $0.3991 range. Yet, as the bullish momentum in the past week had been seen to be reviving, it can be expected that it might bounce back to take the price above the $0.4162 resistance.
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