Cardano price analysis for today shows a bearish trend. There is strong support for the ADA/USD pair at $0.4839 and resistance at $0.5053. Cardano‘s (ADA) price has been on a downtrend over the last few hours. The cryptocurrency has lost over 8% of its value in the past 7 days and is currently trading at $0.4909. The trading volume has also decreased significantly over the past few days. The trading volume has decreased to $663,905,273 while the market capitalization sits at $16 billion.
ADA/USD 1-day price chart: price levels decrease to $0.4909
In the 1-day Cardano price chart, Cardano price analysis has formed a bearish engulfing candlestick pattern which is a bearish trend reversal pattern. The market followed the bullish trend for the past week, and the bullish momentum intensified yesterday, the coin gained significant value during this time and reached a high of $0.545. However, the market could not sustain the bullish momentum and today prices have dropped below $0.49.
The market volatility for the ADA market is seen to be high and the market is likely to experience high volatility in the near future. The Bollinger bands are seen to be closing in which is an indication of low market volatility. The RSI indicator is currently at 46.73 and is moving towards the oversold region. The 50-day moving average is trading below the 200-day moving average which is a bearish indicator.
ADA/USD 4-hour price chart: Recent updates
The 4-hour Cardano price chart confirms that a downtrend has been taking place for the past few hours. The ADA/USD pair has breached the uptrend line and is currently trading below it. Bear and bears are currently in control of the market but the bulls are trying to make a comeback.
The upper Bollinger band is at $0.5053 acting as resistance while the lower Bollinger band is at $0.4839 functioning as a support. The 50-day moving average is $0.4965 and the 200-day moving average is at $0.4808. The RSI indicator is currently below the 50 level which is a bearish indicator.
Cardano price analysis conclusion
The Cardano price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader cryptocurrency market is bearish as well. The support present at $0.4839 is strong enough to keep the crypto afloat above. Another possibility for ADA can be that it may turn completely bullish again in the coming hours, in which scenario, we might observe ADA climbing above the $0.5059 level.
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