Cardano price analysis: ADA faces rejection at $1.36 as market pressure still exists
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TL;DR Breakdown
- The Cardano price analysis is bearish.
- The resistance for ADA is found at $1.38.
- Support is present at $1.32.
The Cardano price analysis is bearish today, but the coin may see some recovery later today as the market recovers from the bearish pressure. Overall the ADA price is on the decreasing side today as bears degraded the price at the start of the trading session towards the $1.34 level. However, the continuous downtrend has been turned away as the daily charts now show the price decrements have stopped, and the price is overall maintaining its level.
ADA/USD 1-day price chart: ADA corrects again
The 1-day Cardano price analysis shows the price has decreased down to $1.34 after recovering for a day only. The ADA/USD is trading at $1.34 at the time of writing, still reporting an increase of 2.5 percent in value over the last 24 hours, as the trend was upwards yesterday, but on the other hand, ADA also reports a loss of 7.17 percent over the past week as the price deteriorated notably on 28th and 29th December. The trading volume has also declined by 25.93 percent over the last day resulting in a market dominance of 2.03 percent.
The volatility is comparatively high, with the upper limit of the Bollinger bands at $1.51 and the lower limit at $1.15 representing the strongest support for ADA. The mean average of the Bollinger bands is at the $1.33 level.
The RSI is trading in the lower half of the neutral zone at index 45. The curve of the indicator is slightly downwards, indicating the selling pressure from the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows the price breakup was downwards at the start of the trading session, but some bullish efforts have appeared as a small green candlestick can be seen on the 4-hour chart slowly taking shape. As the broader market is now turning bullish, ADA can also be expected to recover to an extent over the day.
However, the RSI curve is still slightly downwards, and in the lower range of the neutral zone, which means the price function is still under pressure, so the green candlestick may turn red as the RSI is hinting at a lack of momentum from the bullish side, and bears are in dominating position today. The volatility is also high on the 4-hour chart as well, as the upper limit of the indicator at $1.50 represents the strongest resistance for ADA, and the lower limit at $1.28 represents the strongest support for ADA/USD. The moving average is trading at the $1.34 mark, along with the price also at the same level.
Cardano price analysis conclusion
The Cardano price analysis is bearish today, through some bullish elements have also appeared, but the bears seem to out powering them soon as the price function is under market pressure, and the RSI is also favoring the bearish side. Chances for recovery are low, and we expect ADA to continue testing downside for the next 24 hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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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