The latest Cardano price analysis shows a bearish market sentiment as the pair has plunged to $0.4507 from a high of $0.4573. ADA’s price has dropped as the bears have taken control of the market, and the pair is now trading toward the $0.4500 mark and has lost over 0.75% of its value in the last 24 hours.
Currently, ADA/USD is facing strong resistance at $0.4573 and may need to pull back in order to find support for a potential climb higher. On the downside, support for ADA/USD is seen at $0.4443 which could provide the pair with a base to try and recover from its recent losses if the buying pressure returns.
The market capitalization of Cardano is currently around $15.6 billion and the 24-hour trading volume stands at $390 million both having seen a decrease as they respectively stand at 0.78% and 32.69% lower than the previous day’s figures.
Cardano price analysis 1-day chart: Bears are dominating the chart
Cardano price analysis on the 1-day chart reveals that the bears dominate the chart as there has been a series of lower highs and lows over the past 24 hours. ADA/USD has had a significant week as it gained some momentum to hike up to the $0.4600 mark, however, it failed to maintain its gains and has now retreated back to the 0.4500 level.
The technical indicators for ADA/USD pair mostly turn back to the bearish sentiment as the Relative Strength Index (RSI) indicator has started sloping to the south and is currently at 75.07 in the overbought territory indicating that the bearish pressure is building.
ADA/USD 1-day chart, Source: TradingView
Furthermore, the Moving Average (MA) indicator shows a pullback from the green candlesticks in the chart as the bears have taken control of the market. The Moving Average Convergence Divergence (MACD) indicator is still in the positive territory as the MACD line is above the signal line and the histogram is looking bullish
Cardano price analysis hourly chart: Bulls make a comeback
The hourly chart for Cardano price analysis reveals that the bulls are regaining their lost territory as the pair has recovered above $0.4500 after a bearish start to the day. The buying pressure is slowly increasing in the ADA/USD pair as the pair has sharply spiked up and has gained more than 0.83% in the past hour.
ADA/USD 4-hour chart, Source: TradingView
The technical indicators for ADA/USD are now pushing towards the bullish sentiment as the MA indicator is slowly starting to become green, indicating that a positive trend may be on the horizon. The Relative Strength Index (RSI) indicator is also above 50 with a value of 64.27 and is now sloping up which signals the presence of buying pressure in the market. Moreover, the MACD indicator is making a pullback from the bearish outlook as the MACD line is retracing toward the signal line to make a crossover.
Cardano price analysis conclusion
Overall, Cardano price analysis for today shows that the ADA/USD pair has stumbled at $0.4507 after a bearish signal was triggered but it appears as if bulls are making a comeback as they look to regain control over the market. The technical indicators are slowly shifting back to the bullish sentiment and ADA/USD could be on its way toward making a recovery if buyers manage to maintain their momentum.
