Cardano price analysis confirms a bearish trend as the market slides down to $0.2444, after failing to break the resistance at $0.2453. The current bearish trend is being driven by a lack of strong buying pressure and market momentum. Since previous highs of $0.2453, ADA has been in a steady downward slide, losing over 0.11% in value at the time of writing, but a bullish trend might return back as soon as the market finds new support levels.
ADA/USD 1-day price chart. Cardano steps down to the $0.2444 range
The daily Cardano price analysis indicates a decreasing trend for the market as it steps down to $0.2444 today. The market may find some support at the $0.2404 level, but the bears are in control as they push the price down to the $0.2390 support level in the short term. The market is oversold, and the selling pressure is quite high. A consolidation phase may occur at these levels before the market resumes its downward trend.
ADA/USD 1-day price chart. Source: TradingView
The moving average(MA) value for the one-day ADA/USD price chart is presently placed at $0.2551, which is well below the current market value of $0.2444 showing a bearish trend for the market. The MACD indicator is presently in the bearish zone as the signal line crosses over the histogram. The RSI indicator shows a value of 29.13, which indicates that the market is currently oversold. The Bollinger bands are presently in the bearish zone as the prices have breached below the lower band. This indicates that the market is in a bearish trend as of now.
Cardano price analysis: Recent developments and further technical indications
The 4-hour chart of Cardano price analysis shows that the price is a downtrend as it forms lower highs and lower lows. The red candlestick pattern is indicative of increased selling pressure in the market. Looking ahead, the selling pressure in the market may continue as long as the current bearish trend remains intact.
ADA/USD 4-hour price chart. Source: TradingView
The MACD indicator has moved below the signal line and is currently in the bearish zone. The RSI has also dropped to 28.92, indicating that the market is oversold. The Bollinger bands are also in the bearish zone as they move further away from each other. Meanwhile, the moving average (MA) value rests at $0.0.2433.
Cardano price analysis conclusion
The Cardano price analysis shows that the market is bearish as it slides down to $0.2444 today. Traders should wait for the market to find some support before entering into any long positions. In addition, the market is oversold and a consolidation phase may occur before the market resumes its downward trend, we can expect the market to fall to $0.2404 in the short term.
