Cardano price analysis: Bearish spell devalues ADA to $0.469


The Cardano price analysis reveals the cryptocurrency is continuing the downslide again after a single day of recovery. Cardano was covering a range downward since 11 September 2022 but got support at $0.462 yesterday, and the price recovered a bit. The recovery process lasted only for one day, and selling pressure has appeared again as the price is decreasing today. Bears have brought the price down to $0.469, and the cryptocurrency price may go further down, and it may retest the $0.460 level.

ITB Widget Example
window.itb_widget=window.itb_widget||{init:t=>{const e=document.createElement(“script”);e.async=!0,e.type=”text/javascript”,e.src=”https://app.intotheblock.com/widget.js”,e.onload=function(){window.itbWidgetInit(t)},document.getElementsByTagName(“head”)[0].appendChild(e)}};
window.itb_widget.init({
apiKey: ‘6KjzS5dFxQ8slqqL5bUqf5Al9nwW56DbaGWatOcK’,
language: ‘en’,
options: {
tokenId: ‘ADA’,
loader: true,
}
})
.itb-widget[data-type=”call-to-action”] {
margin-top: 20px;
}

ADA/USD 1-day price chart: Support for the coin is also present nearby

The 1-day Cardano price analysis shows that a further decrease in the price has been noted again today as the price has devalued to $0.469 at the time of writing. ADA shows a loss in price value amounting to 1.21 percent, which may increase over time as the price levels continue to recede. However, support is also present nearby at $0.466, which is the first defense line for bulls, followed by stronger support at $0.458, so the coin may get support in the coming hours. The market cap has also decreased by 0.91 percent, and the trading volume is also down by 22.92 percent today.

ADA 1a
ADA/USD 1-day price chart. Source: TradingView

The volatility for the ADA has slightly increased as well as the Bollinger bands have diverged a bit. Now the upper band is at $0.521, representing resistance for the coin’s price function, and the lower band at the $0.426 mark, which represents support for the crypto pair; the mean average of the indicator is present at the $0.474 mark. The moving average (MA) is trading above the price level at the $0.488 mark.

The relative strength index (RSI) has been slipping down since 11 September 2022 and is trading at index 46 in the lower half of the neutral zone. The downward curve of the RSI indicates the selling pressure and the selling activity presently going on in the market.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows that the price breakout was downwards at the start of today’s trading session, and the price has traveled down to $0.0.469 during the last four hours. Yet no traces of any bullish activity has been observed as bears are gripping the market at the moment.

ADA 4r
ADA/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is also high, but now the indicator seems to be taking a downwards breakout, which hints at a further loss in price value in the coming hours. the upper band is at the $0.521 mark, and the lower band at the $0.454 mark. The mean average of the Bollinger bands is forming at the $0.487 mark, which is trading above the MA value. The RSI shows a downward movement at index 37, which hints at the selling pressure in the market; however, the pressure has decreased in the last few hours as the curve is not steep now.

Cardano price analysis conclusion

The Cardano price analysis suggests the price will fall further today as the entire market is under a bearish spell. ADA/USD crypto pair has already gone through extreme loss at the start of the trading session today, and it is expected that the cryptocurrency value will continue to decrease in the coming hours. But we expect the downfall to be of controlled nature.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Source link

Share