TL;DR Breakdown
- Cardano price analysis suggests further downward movement to the $0.3000 mark
- The closest support level lies at $ADA finds support at the $0.3200 mark
- ADA faces resistance at the $0.3300 mark
The Cardano price analysis shows that the ADA price action found support at the $0.320 mark and the bullish momentum has enabled the price to return to the $0.3230 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $0.3300 mark.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include BNB and XRP showing a 0.93 and a 1.25 percent incline, respectively.
Cardano price analysis: ADA finds support at $0.3200
The MACD is currently bearish as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum at the press time as observed in the height of the histogram. However, the lighter shade of the indicator suggests a decreasing bullish momentum as the price finds support at the $0.320 mark.
The EMAs are trading below the mean position as net price movement over the last ten days remains strongly negative. Currently, the EMAs are trading close to each other showing low bullish momentum at press time. On the other hand, the converging EMAs suggest a slowly decreasing bullish momentum.
The RSI dipped into the oversold region today as selling pressure escalated in the morning causing a steep price drop to the $0.3200 mark. At press time, the indicator trades near the oversold line at the 26.00 index level as the price suggests strong bearish dominance with the downwards slope suggesting an increasing bearish pressure at the current price level.
The Bollinger Bands are currently wide as the price action observes high volatility across the short-term charts. However, as the price moves up from the $0.320 mark, the bands will show convergence. At press time, the bands’ lower limit provides support at the $0.3133 mark while the upper limit presents a resistance level at the $0.3759 mark.
Technical analyses for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a sell signal at press time with 15 indicators supporting the bears. On the other hand, only one of the indicators supports the bulls showing a low bullish presence. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Cardano price analysis also shares this sentiment and instead issues a sell signal with 15 indicators supporting the bears against only three supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining eight indicators remain neutral and do not issue any signals at press time.
What to expect from Cardano price analysis?
The Cardano price analysis shows that the Cardano market is currently in a bearish rally as the price action observed a breakdown from the $0.4600 mark to the $0.3200 price level. However, the bulls made some recovery and the price has risen back to the $0.3230 mark.
Traders should expect ADA to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. The price can be expected to move to $0.3250 before moving down to the $0.3000 mark.
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