Cardano price analysis shows that the altcoin is bearish today as it is trading around $0.472. The coin previously found resistance at $0.6, driving the current price decline. The closest support for Cardano lies at $0.40, and a break below this level could see the price heading towards $0.35.
Cardano’s price analysis is in a downtrend as the price remains below the moving averages. Both the 50 SMA (yellow) and the 20 SMA (green) are above the current market price, indicating that the path of least resistance is on the downside. The RSI is currently in the oversold territory, which means that the bears are currently controlling the market.
The MACD is also bearish because the signal line is above the histogram. This indicates that the downward trend should continue in the short term.
Cardano’s price analysis shows that the coin is currently in a downtrend and a break below $0.40.
Cardano Price Movement in the Last 24 Hours: ADA/USD Pair Has Experienced High Volatility
Cardano’s price analysis started the day at $0.50 and reached a high of $0.60 before falling to where it is currently trading. The coin has lost 5% of its value in the last 24 hours and its market capitalization now stands at $17.57 billion.
The Bollinger Bands show that the ADA/USD pair is currently in a period of high volatility as the bands have widened. The price is trading near the lower band, indicating that there is further downside potential in the near term.
The 200 simple moving average (SMA) on the four-hour chart is currently acting as support for the price, and a break below this level could send it heading towards $0.2 in the near term.
ADA/USD 4-Hour Price Chart: Recent Price Action Shows Bullish Signs
The TD sequential indicator on the Cardano 4-hour price analysis chart is currently printing a buy signal in the form of a green nine candlestick. This indicates that the bears are running out of steam and the price may experience a short-term bounce. However, a sustained move above $0.6 is needed for that to happen.
The balance of power indicator on the four-hour chart is currently favoring the bears as the red line is above the 50 levels. This indicates that the downtrend is likely to continue in the near term.
The RSI is currently in oversold territory, which means that the bears are currently controlling the market. The MACD is also bearish because the signal line is above the histogram. This indicates that the downward trend should continue in the short term.
Cardano Price Analysis: Conclusion
Cardano’s price analysis is trading lower on the daily chart, however, there are slight bullish trends on the 4-hour chart. The price is likely to continue falling in the near term and may find support at $0.4 if it breaks below the current levels.
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