The Cardano price analysis shows a bearish market sentiment for the digital asset as it has slipped below the $0.3900 level. The ADA/USD pair has been struggling to stay above the $0.3900 level over the last few days and eventually broke below, which was a bearish sign for this market. At the time of writing, Cardano (ADA) is trading at around $0.3824 and has fallen by 2.70 percent in the past 24 hours. The digital asset is currently down by 5.09 percent from the weekly peak of $0.4131 reached on April 30th. The ADA/USD pair has failed to stay above the key resistance level of $0.4000 and was rejected at this level multiple times over the course of this week. This suggests that the market bears are leading the way and they are putting pressure on ADA.
The immediate support level for ADA/USD is seen at $0.3766, which could offer some respite to the bulls. On the other hand, a break below this level will open up further downside potential toward $0.3766. This could be a crucial technical level to watch in the coming days as a break below this will open up further downside risk. On the upside, the key resistance level is seen at $0.3967, which could be a critical area for buyers to take control of this market. A successful break above this level should encourage more buying activity and help push prices back toward the $0.4000 mark.
Cardano price analysis 1-day chart: Bears dip ADA below the $0.4000 level
Cardano price analysis on the daily chart shows that the bears remain in control, with prices dipping below $0.4000. ADA’s market has been trading on a downward trend in today’s session, testing the support at $0.3766 before bouncing back. The trading volume has increased by 10.89 percent showing the presence of buying pressure still in the market.
The technical indicators have turned bearish as the Relative Strength Index is trending below the 50 levels dipping downwards. The Moving Average Convergence Divergence (MACD) indicator is also in a negative zone and signals a bearish sentiment for Cardano since the red bars are increasing in length. Furthermore, the moving average (MA) is bearish with the 50-day MA trading below the 200-day MA showing a strong bearish trend.
Cardano price analysis 4-hour chart: Latest developments and further indication
On the hourly chart, Cardano price analysis shows that the bears remain in control. The ADA/USD pair is trading below the $0.3900 level and has failed to break above this crucial level so far today. The digital asset has been trading in the range of $0.3766 and $0.3830 for the past few hours with the bears in control of the market at this point.
The Moving Average Convergence Divergence (MACD) indicator is showing a bearish crossover as the MACD line has dropped below the signal line. This is a further indication that the bears are leading this market and could take prices lower in the coming hours. The relative strength index (RSI) is trading at 41.97 showing that the momentum has shifted to the bearish side for now. The moving average (MA) is also bearish with a value of 0.3883 above the current price.
Cardano price analysis conclusion
In conclusion, the Cardano price analysis indicates that the digital asset is in a bearish market sentiment at this point. The ADA/USD pair has been struggling to stay above the $0.3900 level and failed multiple times indicating a bearish trend. The immediate support level for this pair is seen at $0.3766 and a break below this level could open up further downside potential. On the upside, buyers need to break above the $0.3900 resistance level in order to take control of this market.
