The Cardano price analysis reveals that a bearish trend has been dominating the market today. The bulls have failed to push the price back above the resistance level since then, which indicates that the market may be heading into a period of consolidation. The support level has been tested and held, but the resistance level is still strong. In order for the price to break out and move higher, a significant increase in buying pressure needs to take place. ADA has broken below an ascending trendline and is currently trading below the 0.4052 level. The 24-hour trading volume has also been declining, which could mean that bulls are struggling to mount a recovery. It is currently at $424 million, a loss of 28.76%. The market cap is $14.077 billion, with a market dominance of 3.67%.
Cardano price analysis 1-day chart: Price corrects downward to $0.4052 as a result of bearish movements
The 1-day Cardano price analysis indicates that the price broke down to the downside today and is still breaking down as of now, with the ADA/USD pair dropping below the $0.4208 resistance level. If the market continues to remain bearish and breaks down further, then it could be heading for a retest of the $0.4202 mark. On the other hand, if buyers defend this level, then we could see some recovery in Cardano’s price. The ADA price analysis shows that it is currently trading at $0.4052, which is down 3.64 percent over the past 24 hours.
The volatility is also quite low in the market, with the Bollinger Bands showing relatively narrow trading ranges. The upper Bollinger Band is currently at $0.456, and the lower Bollinger Band is at $0.361, indicating that volatility could remain low in the market for a while. The relative strength index (RSI) is currently at 50, showing that the market is in a neutral zone. The moving average indicator is also above the price action at $0.430, further confirming a bearish trend in the market.
ADA/USD 4-hour price chart: Recent updates
The 4-hour Cardano price analysis reveals that the ADA’s price has dropped to the $0.4052 level, which is a breakout below the ascending trendline. The market is expected to remain bearish, and a further break below the $0.3974 support level could lead to a retest of the $0.4045 mark. From yesterday’s trend, the price has failed to break above the $0.4208 resistance level and is currently consolidating below this level. The MA indicator is currently below the price, which could mean that the downward trend could continue for some time.
The technical indicators of the Cardano price analysis also suggest that the bears are currently in control. The Bollinger bands have somewhat diverged, and ADA’s volatility has marginally increased. The upper limit, which stands for resistance to the coin’s price action, is currently at $0.454, while the lower limit, which supports the pair of cryptocurrencies, is at $0.391. The RSI reading of the ADA is currently at 33.59, which points to a bearish trend in the market. Moreover, the RSI is heading toward the oversold region, with more losses expected in the coming hours.
Cardano price analysis conclusion
Overall, Cardano appears to be in a consolidation phase, with a bearish trend dominating the market. The bulls have failed to mount an effective recovery and break above the resistance level of $0.4208, indicating that further downside could be on the cards for ADA. It is essential for traders to be aware of potential resistance and support levels in order to correctly identify entry points and take profits during the trading session.
