- Cardano Price Analysis Suggests Downward Move to $0.4000
- The closest support level is at $0.4200
- ADA faces resistance at $0.4350
Cardano price analysis shows that the bearish momentum has increased as ADA crashes below $0.4300. Currently, the price is finding short-term support at $0.4250, but can the bulls hold out?
The broader cryptocurrency market has seen bearish market sentiment over the past 24 hours, with most major cryptocurrencies seeing negative price movements. Major players include BTC and ETH, registering declines of 7.51 and 7.35%.
Cardano Price Analysis: ADA Drops Below $0.4300
The MACD is currently bearish, as expressed by the red color of the histogram. However, the indicator has only recently shown a bearish crossover and is seeing weak bearish momentum at press time. On the other hand, the darker hue of the histogram suggests increasing bearish momentum as the price declines from the $0.4400 level.
The EMAs are currently trading near the middle position as the net price movement over the past ten days remains small. However, as the short-term charts see bearish moves, both EMAs move lower, with the 12-EMA taking the lead. Additionally, as the two EMAs diverge further, the bearish momentum will only increase in the near term.
The RSI has been trading in the neutral zone for seven days since the index fell into the oversold region on September 19. Currently, the indicator is hovering at the 32.15 index unit level and moving lower, suggesting short-term bearish activity. graphics. Although the indicator is neutral, the low position leaves less room for further downward movement, and a break below $0.4200 is unlikely.
The Bollinger Bands are narrow at press time as Cardano price has seen low volatility, but is now showing divergence as the price breaks below $0.4400. Currently, the price is trading below the lower line of the indicator at $0.4304, and the middle line presents another level of resistance at $0.4476.
Technical analysis for ADA/USDT
Overall, the Cardano 4-hour price analysis is sending out a strong signal, with 16 of the 26 major technical indicators supporting the bears. On the other hand, none of the indicators support the bears showing little or no bullish presence in recent hours. At the same time, ten indicators sit on the fence and do not support either side of the market.
Cardano’s 24-hour price analysis shares this sentiment and also gives a strong sell signal with 16 indicators suggesting downward movement against a single indicator suggesting upward movement. The analysis shows the bearish dominance on the medium-term charts while showing low buying pressure for the asset over the same timeframe. Meanwhile, ten indicators remain neutral and give no signal at press time.
What to expect from Cardano’s price analysis?
Cardano’s price analysis shows that the support level of $0.4400 held by the bulls was eventually breached by the bears as the selling pressure increased. Currently, the price is approaching the $0.4200 support level as selling continues in the broader cryptocurrency market.
Traders should expect ADA to drop towards the $0.4000 mark as selling continues at the level. Additionally, the cryptocurrency’s broader bears suggest a medium-term bearish rally that could see the price drop below the key $0.4000 support level.