https://ift.tt/33mz204 price analysis: ADA value returns to $1.160 under bearish pressure

TL;DR Breakdown

• The Cardano price analysis is bearish.
• The resistance for ADA is found at $1.20.
• Support is present at $1.11.

The most recent Cardano price analysis shows an increasing bearish tendency as the price has followed a descending movement in the last 24-hours. The price has been on a downward trend since 26th December, as more bearish activity is being observed since then. And today, the bears have managed to continue their impact on the market by bringing the price down to its former low level of $1.160.

ADA/USD 1-day price chart: Bearish pressure still weighs on the price function

The 1-day price chart for Cardano price analysis shows the price movement is continuously downwards, as the price has decreased further today. Overall the ADA/USD shows a decrease in price by 5.90 percent over the last 24 hours, and the cryptocurrency reports a decrease in price value over the past week extending to 14.6 percent. The trading volume has improved by 27.9 percent, but the market cap has decreased by 5.6 percent.

Overall, the bears have been leading the market for the past month, and now their upper position has been restored. The Bollinger Bands Indicator is showing a change of values as well, as now the upper band is touching the $1.52 mark, and the lower band is at the $1.14 position representing support for ADA. The Relative Strength Index (RSI) score is in the neutral zone at index 37.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows the price has been progressing upwards during the last four hours of the last trading session, but at the start of today’s trading session, the market sentiment turned negative in the earlier hours, as the selling pressure started to build and the price function oscillated downwards, the downwards oscillation of price continues up till now. The price is now touching the $1.160 level, which is even lower than its moving average value, i.e., $1.18.

The increase in volatility suggests that the approaching hours might bring a negative impact on the cryptocurrency. The upper and lower Bollinger bands have thus repositioned as well, as now the upper band is standing at $1.27, representing resistance, whereas the lower band is at the $1.14 mark representing support. The indicator overall shows high volatility for ADA/USD. The RSI curve has flattened at index 37 in the past few hours, hinting at bearish pressure weighing on the price function.

Cardano price analysis conclusion

The hourly and daily Cardano price analysis is confirming a drop in coin value as the bears have brought it down to $1.160 again. The bearish trend is expected to get stronger in the next few days as the selling momentum is on the rise. The hourly prediction is also on the discouraging side as more selling activity has taken place in the past few hours.

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