https://ift.tt/Mpm1NPE retraces from the $1.0 resistance as market sentiment turns red

TL;DR Breakdown

• Cardano price analysis is bearish
• ADA prices have support at $0.90
• Cardano is currently trading at $0.924

The Cardano price analysis for today is bearish after experiencing a short-term rally and reaching highs of $1.28 over the last few days.ADA prices opened the daily trading chart trading at $0.988 and later reached a high of $1.02 before succumbing to bearish pressure and closing the day at $0.924.

The cryptocurrency’s price retraced to reach a low of $0.96 during intraday trading but found support and recovered slightly to close the day at $0.924.The bulls are defending the key support of $0.90 which is however likely to be breached as the day progresses. The declines are being fueled by a growing bearish momentum as the market sentiment turns red.

Cardano price movement in the last 24 hours: Bearish winds have picked up the pace

Cardano’s price is down by8.43 percent in the last 24 hours as it fluctuates between $0.9201 and $1.02. The cryptocurrency started the day trading at $0.988 but lost momentum as the day progressed and couldn’t sustain the gains achieved in the previous session. The market capitalization has also seen a reduction of $1.3 billion over the last 24 hours as ADA’s price plummets. The 24-hour trading volume is at $1,3 billion, and the total market capitalization currently stands at $31 billion.

The technical indicators on the 1-day price chart show that the market is bearish as the moving averages converge while the MACD line is currently crossing the signal line to the downside. The RSI indicator is currently at 40 and looks set to decline further as the day progresses which would confirm the growing bearish momentum in the market. The SMA 50 is trading above the SMA 200 which indicates that the path of least resistance is to the downside. A break below $0.90 would confirm a further decline in Cardano prices as ADA looks to retrace from the recent highs.

Cardano price analysis on a 4-hour price chart: Bulls are struggling to defend the key support of $0.90

On the 4-hour chart, ADA’s price is trading between the key levels of $0.90 and $1.02 which have been acting as strong support and resistance levels respectively over the last few days. The bulls were able to push prices above the $1.0 level but failed to sustain the gains and prices pulled back to close the day at $0.924. The market sentiment is bearish as the MACD line crosses below the signal line while the RSI indicator is currently at 46 and looks set to decline further.

The SMA 50 is trading above the SMA 200 which indicates that the path of least resistance is to the downside. However, the market volatility for Cardano prices is picking up as evidenced by the widening of the Bollinger Bands.

Cardano price analysis conclusion

Cardano price analysis for today is bearish with ADA prices expected to retrace lower after failing to sustain the bullish momentum above $1.0. The key support at $0.90 is under pressure and a break below this level could see ADA prices decline to lows of $0.80. On the upside, a move above $1.0 would invalidate the bearish outlook and could see ADA prices rally to highs of $1.2.The current selling pressure is likely to prevail in the market and push prices to new lows.

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