Cardano price analysis: ADA follows a downward track as bears dive towards $1.120
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TL;DR Breakdown
- The Cardano price analysis is bearish.
- The price has been lowered to $1.120 today.
- Support for ADA is present at the $1.102 level.
The Cardano price analysis is bearish for today as bears are trying to make a comeback once again and have succeeded so far in their efforts as the price has decreased today. The past week had been favorable for the bears as the price underwent loss at a considerable rate. And, today, the trend is the same as now the bears are at the leading position. It is anticipated that the price will move lower than $1.120 in the coming hours as well.
ADA/USD 1-day price chart: ADA price curve deflates after facing resistance above $1.126
The one-day Cardano price analysis is predicting a loss in ADA/USD crypto pair’s value as the bears are now trying to occupy the front position. The successive uptrend has been reversed as now the bears have been leading the price charts for the past few days. The price underwent a considerable decline and dropped down to the $1.120 level during the day, losing 4.28 percent value during the last 24 hours. The price level is still above the moving average (MA) value which is standing at $1.079 at present.
The Bollinger bands have been converging sharply since yesterday, indicating the volatility to decrease for the coming days. Their average value is settled at $1.118, while their upper value is at $1.334, and the lower value is at $0.902. The Relative Strength Index (RSI) score is quite neutral as the indicator is trading at index 47 for the day.
Cardano price analysis: Recent developments and further technical analysis
The 4-hour Cardano price analysis is in favor of bears despite the price breaking upwards at the start of the trading session, as bears rejected further upside at $2.126, and the price is seen spiraling down for the last four hours. A red candlestick shows a steep loss in the coin’s value, and a further downfall in price is expected. The price has been reduced to $1.117 as a consequence of the increasing bearish momentum. The recent downtrend has taken the price quite lower than the moving average value, i.e., $1.136.
The volatility has increased in the last four hours, which may provide an opportunity for bulls to make a comeback. On the other hand, the upper and lower Bollinger bands values have changed to $1.180 and $1.003 as well. The RSI score has decreased significantly because of the bearish trend and has moved down to index 56.
Cardano price analysis: conclusion
The Cardano price analysis indicates the price is headed downwards once again after the bears returned on the candlestick chart today. The ADA/USD price has dropped to the $1.120 level and is expected to move down even further. The hourly price chart is predicting the same as the price underwent decline during the last four hours as well. The chances of recovery might resurface only if the support persists at $1.102.
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