The current Cardano price analysis suggests the price has been suppressed again from the bearish side, as a rejection from the upside has been reported for today. The price covers a range downwards below $0.450 due to the return of bearish pressure after a single day of bullish activity. The coin value recovered slightly during the previous trading session, but today the bears have interfered again, and the price has reached $0.443. The current price level is also a support level set earlier by the bulls, which is currently under test. Next, support for ADA is present further below $0.435.
ADA/USD 1-day price chart: Bearish momentum stimulates again
The one-day chart for Cardano price analysis shows a bearish trend as the red candlestick has returned to the price chart. The past few days have proved crucial for the cryptocurrency, except for one day as a steep downward trend has been following. There has been a recurring fall, as the price has stepped down into the lower price envelope at $0.443. The current price value is lower than the moving average (MA) value which is settled at $0.468.
The SMA 50 curve is traveling high again as the bears are regaining their strength. The Bollinger Bands Indicator in the 1-day price chart points out the following values; the upper value at $0.519 represents the strongest resistance, while the lower one at $0.435 represents the strongest support for Cardano. The Relative Strength Index (RSI) score has decreased up to index 41 as well because of the deficit in price due to more selling.
Cardano price analysis: Recent developments and further technical indications
According to the four hours Cardano price analysis, the price has been traveling low. The recent downturn in price movement has resulted in its decline as it has been lowered to $0.443. Chances of recovery seem minimized as the bearish slide has been proceeding uninterruptedly, severely damaging the coin value. The price has gone below the moving average value as well, which has been standing at a $0.446 position below the SMA 50 curve.
As the volatility is on the increasing trend, the upper Bollinger band is now touching the $0.496 mark, whereas the lower Bollinger band is on the $0.424 mark. The RSI curve has descended to the index 36 mark, confirming a sharp drop in price.
Overall, a decrease in price has been observed if we overview the situation on a general basis. This is why the technical indicators for ADA are giving bearish hints, with a majority of 16 indicators giving sell signals, including the moving averages. On the contrary, there are no signals for buying assets.
Cardano price analysis conclusion
The one-day and four hours Cardano price analysis concludes the bears are playing their game once again after a continuous drop in price occurred during the past few hours. The cryptocurrency price has returned to the $0.443 level, thus confirming the decrease in price. We can expect a downward price movement in the upcoming hours, as the four hours price analysis is also giving bearish hints.
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