The Cardano price analysis is dictating a sudden decrease in price after an already rising bearish trend since 31 July 2022. Previously a stable bullish trend was observed as the price was rising since 27 July 2022 and peaked at $0.525 on 30 July 2022, which was a remarkable improvement in price levels. The bears are desperately trying to take the price even lower than its current value, which is at $ 0.495. There is a major chance of the price decreasing further in the coming time as the bearish momentum seems to be intensifying today.
ADA/USD 1-day price chart: Another 3.79 percent lost to selling pressure
The 1-day chart for Cardano price analysis shows cryptocurrency value is going towards the bearish side today. There has been a huge momentum built from the side of Bears in the last few days, after which it is visible that their strength is increasing, which will further damage the coin value. The coin is trading at $0.495 at the time of writing, as the crypto pair lost 3.79 percent value during the last 24 hours. On the other hand, the coin is in a profit of 5.89 percent for the past week as the trend was steadily bullish at the start of the week.
The Mean Average (MA) value is going $0.504, which is still above the SMA 50 curve. This is giving hope to the buyers, although the volatility is decreasing, which is giving an opposite signal as per Cardano price analysis.
The Bollinger bands are converging with the upper Bollinger band present at the $0.546 mark, representing the resistance, while the lower band is present at the $0.437, representing the support for the cryptocurrency. As the previous week’s market trends show, ADA has seen a good amount of recovery, but now, the trend is downwards, the Relative Strength Index (RSI) score is going down as the selling activity is at its peak, and its curve has reached index 50 today exactly at the center of the neutral range.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart shows that a strong overtake has taken place from the bears, which caused quite a damage at the start of the trading session, intensifying the bearish momentum. The momentum has been relatively stronger as the price has dropped drastically; however, support has also appeared as the price has slightly recovered back to $0.495 during the last few hours. Nevertheless, the trending line is going towards the negative side now.
The moving average (MA) value is $0.0.510 in the 4-hour chart. If we talk about the Bollinger bands, then they are showing an average value of $0.520 on the chart below the MA value. The volatility is increasing on the 4-hour chart as the Bollinger bands are expanding, and the price has dropped below the lower band, which is a strong bearish indication. The RSI score has also lowered, and after recovering a bit, the indicator is trading at index 39.
Cardano price analysis conclusion
From the above Cardano price analysis, it can be critically observed that the bears are taking the lead as a majority. More sellers are trying to break in and reduce the current price levels, which have been safely maintained for the past few days above the psychological mark of $0.500.
The price levels are going down, and today they have reached $0.495 after an intensification seen in the bearish trend. There are imminent chances of a further decrease in the coin’s price in the coming hours.
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