Cardano price analysis shows a downtrend in the market today as ADA/USD depreciates below the $0.40 level after a brief break out above the resistance. The pair has been on a downward trajectory for most of the hours today and is currently trading around the $0.3913 level. The ADA/USD was trading in bullish territory earlier above the $0.4079 resistance level, however, it has since fallen below and is trading at a lower price. The bearish momentum has taken over the market, pushing prices down in the process.
Cardano price analysis 1-day chart: Bears take control as ADA/USD slips below $0.40
The Cardano price analysis 1-day chart shows that the ADA/USD pair is trading in a range between the $0.3895 and $0.4079 levels, since the beginning of the session. The bears have taken control as the price is trading below the $0.40 level and appears to be headed lower in the near term.
ADA/USD 1-day price chart. Source: TradingView
The RSI Cardano is seen at 60.55, with the indicator sloping downwards, indicating a possible bearish move. The Bollinger Bands on the daily chart show that the ADA/USD pair is trading inside the bands, suggesting a potential for sideways price action in the near term. The upper Bollinger Band is seen at the $0.3971 level, while the lower band is at $0.3161. The 50-day moving average (MA) is seen at $0.3924, while the 200-day MA is at $0.3926.
Cardano price analysis 4-hour chart: ADA is facing a strong rejection at $0.4079
The 4-hour chart for Cardano price analysis shows that the ADA/USD pair is trading in a bearish channel, as it has been unable to break above the lower band of the channel at $0.4079. The bears have taken control as the pair is seen slipping below the key resistance level and is now likely to target the lower band of the channel at $0.3895.
ADA/USD 4-hour price chart. Source: TradingView
The moving average (MA) is currently at 0.3961, below the current price, with 50-day MA and 200-day MA trending downwards. The Relative Strength Index (RSI) is in the neutral zone at 59.50, suggesting that there is more room for the ADA/USD to decline in the near term. The volatility for the pair is relatively low, and the Bollinger Bands are seen as narrowing. The Upper Bollinger band is at $0.4052, while the lower band of the Bollinger Bands is seen at $0.3697.
Cardano price analysis conclusion
To sum up, Cardano price analysis shows that the ADA/USD pair is on a downward trajectory and is trading below the key $0.4079 resistance level. The bears have taken control of the market as the pair is likely to decline further in the near term toward the $0.3895 support level. The indicators suggest that there is a bearish sentiment in the market, with more downside potential for ADA/USD.
