Cardano price analysis shows negative market sentiment as bearish activity is seen in the crypto market. The ADA/USD pair has been trading within a range, between $0.4403 and $0.4507, for the past few days. The cryptocurrency has seen a bearish divergence between its price and, which is a sign of further downside pressure in the near term. The bearish trend is being supported by high selling pressure and low buying volume as more sellers enter the market. The price has declined below the resistance level of $0.4541 and is now trading at $0.4403, which suggests further downside in the near term. The next major support level for the ADA/USD pair is at $0.4392, which could be tested if the bearish pressure continues.
Cardano price analysis 1-day chart: ADA is headed for a $0.4403 low following a bearish drive.
The 24-hour Cardano price analysis indicates that the market sentiment is bearish. The bearish trend is strong, and if the bearish trend continues further, the next level of support may be seen at $0.4392. The current level of resistance for ADA is present at $0.4541, and a break above this level can shift the price action toward $0.4410, which can be considered a strong resistance level if bullish sentiment takes over.
The ADA/USD pair has been trading below the 50-day moving average, which indicates that sellers are dominating the market. Moreover, the moving average convergence and divergence (MACD) is trading below the zero line and is showing a bearish crossover, indicating more selling pressure in the near term. The relative strength index (RSI) is currently at 68.82, which indicates that the trend is bearish and more selling pressure is expected.
ADA/USD 4-hour price chart: Recent updates
Looking at the 4-hour price chart for Cardano displays a downward trend. The prices have been trading below the 2.48 percent Fibonacci retracement level of $0.4403, which is a sign of bearishness in the near term. The market capitalization for Cardano currently stands at $15.13 billion, with a decrease of 2.65% in the last 24 hours. The 24-hour trading volume is over $415 million and has seen a decrease of 26%, indicating that the sell-off has intensified.
The moving average convergence and divergence (MACD) has declined into the bearish zone and is showing a bearish crossover, which indicates that sellers are dominating the market. The relative strength index (RSI) is currently at 54.47, indicating that the trend is bearish and more selling pressure can be expected in the near term. The moving average is currently trending downward, suggesting that the bearish trend is likely to remain in place.
Cardano price analysis conclusion
Overall, the Cardano price analysis suggests that a further downside is possible in the near term as bearish activity continues to dominate the market. The next major support level for ADA is at $0.4392, which could be tested if the bearish pressure continues. Short-term traders should remain cautious, as any further downside can lead to more losses in the near term.
