Cardano price registered a decline as it fell from the $0.48 level at the time of writing. In the past 24 hours, the coin has fallen over 2%. Last week it was down 12%. Bitcoin’s move to $20,000 had also caused other altcoins to fall off their charts. ADA was managing to appreciate slowly, however, the bulls could not sustain the price momentum at the time of writing.
The altcoin had managed to trade near the $0.48 price level, but it came under selling pressure as it could not break above the $0.49 resistance mark. The technical outlook for the coin shifted to bearish as soon as the coin touched the price level of $0.44.
Immediate support for ADA was $0.43. Sellers had taken over the market at the time of writing. The coin recently broke through the $0.44 support line, it had managed to trade above this level for a significant period of time. The lack of demand caused the price of Cardano to lose even more value. The global cryptocurrency market capitalization is today at $1.05 trillion after a 4.4% negative change in the last 24 hours.
Cardano Price Analysis: Four-Hour Chart
ADA was trading at $0.44 at the time of writing. There was a sharp decline in the price of the altcoin after revisiting the $0.48 level. The support level for the coin stood at $0.42 and a drop below that could lead ADA to trade at $0.38.
The aerial resistance of the coin stood at $0.49. If the buying force resurfaces, one might expect a move above the $0.49 level. The next resistance mark would be at $0.52 for the altcoin. Cardano’s trading volume has plummeted, indicating that sellers have taken over at the time of writing.
ADA represented the selling force on the four-hour chart as the price of the reduction recorded by the altcoin. The continued sideways movement caused buyers to exit the market.
The Relative Strength Index was below the half line, indicating that the sellers had taken control of the market at press time.
Cardano’s price was below the 20-SMA line, signifying falling demand levels and sellers were driving the price momentum in the market.
The altcoin has started imagining a sell signal on the four-hour chart. Moving average convergence divergence indicates price momentum and its reversal. MACD underwent a bearish crossover and just showed a red signal bar which was a sell signal for ADA.
It could also mean that ADA could lose value in the next trading sessions as well. Bollinger bands indicate price volatility and price fluctuations. The Bollinger Bands were parallel and this meant that the price of ADA would be trading around the same level during the immediate trading sessions.