Cardano price analysis shows a sharp drop in value today. After the continuing bearish momentum from yesterday, the ADA/USD pair has dropped from $0.3117 to the current price of $0.3023, losing 1.19 percent of its overall value over the last 24 hours.
The bears now seem to be in control as they push ADA/USD prices toward support at the $0.3007 level. However, this support area will likely be breached soon, given the increasing pressure from sellers. The 24-hour price action for ADA is also showing a trading volume of $347 million, which indicates strong volatility within the markets, and a market cap of $10.38 billion.
ADA/USD 1-day price chart: Bears persistent to activate pullback
The 1-day Cardano price analysis suggests that the bearish trend is in full swing. The price has dropped considerably. Price fell precipitously throughout the day as selling pressure grew in the market. ADA/USD prices are now facing resistance at the $0.3117 level, which will be a tough level to break through. However, if the sellers can push past this point, then a deeper correction to the $0.3007 support area could very well be in store for ADA.
ADA/USD 1-day price chart, Source: TradingView
The moving average (MA) is presently at $0.3218, which is also greater than the price level. The relative strength index (RSI) is in a bearish position to the centerline with a score of 38.53 and on a downward slope, indicating an even more bearish signal. The MACD line on the other hand is below the signal line, indicating that sellers have a slight edge over buyers.
4-hour Cardano price analysis: Will buyers break bearish momentum?
The 4-hour Cardano price chart show we are still in a bearish trend. The price has fallen further, pushing down to the $0.3023 level before recovering slightly from there. However, it looks as though this recovery is only temporary, and that sellers will be resuming their aggressive selling pressure soon. Despite these bearish signals, however, it does seem that buyers may still be able to break this negative momentum and push prices back up a bit higher.
ADA/USD 4-hour price chart. Source: TradingView
The RSI is currently below the 35.18 mark, indicating that the sellers are in control. The MACD line is also below the signal line, further showing that the ADA/USD pair is likely to continue its downward trajectory over the next few hours. The moving averages also provide a bearish signal, as the price has dropped below them.
Cardano price analysis: Conclusion
According to the 1-day and 4-hour Cardano price analysis, it may be expected that ADA/USD’s price will be bearish for the next 24 hours. If the bears continue to lead, the support level of $0.3007 will be the next pivot point in determining the future path. Today, the overall market sentiment for ADA.
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