The Cardano price analysis shows that the cryptocurrency has undergone a loss once again. After the bullish price function of yesterday, the bearish pressure has returned, and bears have taken the lead again. The bears have caused a decrease in the price up to $0.3416 and have been able to retain their position as the leading party.
Cryptocurrencies price heatmap, source: Coin360
Cardano has been down by 0.72% in the last 24 hours with a trading volume of $299,545,730 and a live market cap of $299,545,730 and ADA currently ranks at #7. However, the cryptocurrency shows potential for a reversal as the recent price analysis for ADA indicates.
The larger cryptocurrency market suffered declines similar to that of Dogecoin over the past 24 hours, as Bitcoin, Ethereum, and XRP also saw losses. The red candlestick pattern in most of the cryptocurrencies shows that the bears are in control and the bulls are struggling to regain momentum.
Cardano price analysis 24-hour chart: ADA price levels continue sinking
The 1-day price chart for Cardano price analysis shows that a drop in the ADA price value has taken place today. There have been some bullish efforts in the past week as well, as there are some green candlesticks visible as well. But the bears have been mostly at the lead throughout, and they are still succeeding in maintaining it as the price has gone down to $0.3416 today after the recent drop.
ADA/USD 1-day price chart. Source: TradingView
The moving average indicator for ADA price has also been dropping and is now about to cross the 200-day EMA line. This indicates that there might be a reversal soon, as the bearish trend could be challenged by the bulls in days to come. The RSI indicator is currently at 47.17 points and signals a neutral market sentiment with no clear direction. The MACD indicator, however, is still in the bearish area and shows a downward trend.
ADA/USD 4-hour price analysis: Bearish momentum pulls the price back to $0.3416
The 4-hour Cardano price analysis shows that the price function is headed down once again as the price levels are continuously sinking. The bears are pulling down the price levels, and currently, they have reached the $0.3416 level as ADA/USD still looks for support.
ADA/USD 4-hour price chart. Source: TradingView
The moving average is still trading above the current price level at $0.349 because of the bullish efforts that followed yesterday. The short-term trending line is steeply downwards, which is a major bearish signal. The moving average convergence divergence (MACD) curve can be seen forming a bearish crossover and is headed toward the negative zone. The relative strength index (RSI) is also soon to enter the oversold area as it stands at 36.42 points currently.
Cardano price analysis conclusion
In conclusion, the overall Cardano price analysis is bearish as the digital asset consolidates near the $0.3416 level. The market indicators are pointing to further downside momentum in the near term as the bearish winds continue to blow. Investors remain cautious about the current economic conditions. Prices will continue falling if the selling pressure persists.
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