Cardano price analysis: Price backslides to $0.456 as bears strike again

The Cardano price analysis reveals that the price has been following a downward movement today, as the bears have constantly been striving for lead. The short-term trending line shows the crypto pair is trying to maintain its price near the $0.500 psychological mark, yet it is unable to recover above the said level and is trading in the $0.400 range, as regular bearish strikes can be seen on the daily chart. However, bulls have strictly rejected downside below the $0.428 level as next-day recoveries are visible on the chart on 27 and 29 August 2022. Yet today, the price has been lowered to the $0.456 level as a result of the latest bearish strike. Further downfall in price is to be expected in the approaching hours as well.

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ADA/USD 1-day price chart: Cryptocurrency value depreciates up to $0.456 degree

The one-day Cardano price analysis shows that the price has been following a decreasing trend for the past few weeks, with the strongest correction observed on 19 August 2022. However, bears tried to lower the price further below; although there have been instances where the bulls tried to take over the market, the overall trends have been in favor of the sellers. A slight decline in ADA/USD value has been recorded in the last 24 hours, as well as the price moving down to the $0.456 level, and the coin has been at a loss of two percent for the past week. The moving average (MA) is relatively at a lower position, i.e., $0.448.

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ADA/USD 1-day price chart. Source: TradingView

The SMA 50 curve has been traveling higher than the SMA 20 curve, which is yet another confirmation of the bearish trend. The volatility is on the higher side, but now, the Bollinger bands have started to converge, as the upper Bollinger band value has moved down to $0.560 and the lower Bollinger band value has moved to $0.390. The Relative Strength Index (RSI) score has been settling at the index 44 levels as well.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows that the bulls have been at the lead for most of the day, but a four-hour bearish activity has changed the trend in the bearish direction. A considerable decline in ADA/USD price has been observed during this time. The price has gone down to $0.456 as a result of the bearish strike. At the same time, the bullish price movement has also been seen during the last four hours, and the bulls are trying to take the lead back, which is possible if they show a little more momentum. The moving average value for the 4-hour chart has been settling at the $0.453 mark.

ADA/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 has also taken place, which hints at the return of the bulls. Now the Bollinger bands average is at $0.453 point, whereas the upper Bollinger band is present at $0.462, and the lower Bollinger band is at $0.443. The RSI curve is again covering upward movement as well, and the score is now touching index 55.

Cardano price analysis conclusion

The one-day and four hours Cardano price analysis confirms that, despite the fact that the coin is currently showing a bearish tendency on the daily chart, the price has undergone a significant decrease. But, there are chances for the bulls to take over again in the coming hours if the buying activity continues; however, a steep recovery does not seem possible today.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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