Cardano price analysis: Price levels descend as ADA encounters bearish resistance at $1.109
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TL;DR Breakdown
- The Cardano price analysis is bearish.
- The next resistance for ADA is present at $1.116.
- Support for ADA/USD is present at $1.075.
The Cardano price analysis is bearish as selling pressure has built from the bearish side. The market followed the bullish trend for the past two days, and the coin gained significant value during this time, but a correction was due for continuing further upside later on.
The conditions have changed as the bears have resisted further up move today, and the crypto pair has started a correction. However, support is present at $1.075, and if the support persists, then it may stop the price slippage below this point.
ADA/USD 1-day price chart: price levels descend to $1.099
The 1-day price chart for Cardano price analysis shows bears are defining the price curve today. The ADA/USD is correcting after the bullish recovery of yesterday. ADA/USD pair is trading hands at $1.099 at the time of writing. The past week overall proved detrimental for the crypto pair as it lost around 6.68 percent value over this time despite the recovery made during the past two days. And today, the selling pressure has returned, and the trend is the same as the bears are defining the price function by bringing the price down.
The moving average (MA) is standing at $1.107 above the price level, and a cross-over between SMA 50 and SMA 20 is also expected as the SMA 20 is traveling downwards, which will be a further bearish indication.
The volatility for the given price chart of ADA/USD is on the lower side as the Bollinger bands are showing a narrow tunnel shape, with the Upper band at $1.204 representing resistance for ADA, and the lower band at $0.991 representing support for the correcting price, making an average at $1.097. The relative strength index (RSI) is also confirming the downtrend for today as it is on a steep downwards curve at index 47, indicating the selling activity in the market.
Cardano price analysis: Recent developments and further technical indications
The 4-hour price chart for Cardano price analysis shows that bears are striving for the lead and has caused some damage to the overall value of the coin, but at the same time, the bulls have dodged the bearish pressure as support has appeared and the price function is headed up once again.
The Bollinger Bands on the 4-hour chart have been keeping their average at $1.064 below the price level, whilst the upper band is at $1.114, and the lower band is at the $1.013 mark. The RSI has fallen near the centerline of the neutral zone at index 54, but the curve is slowly turning upwards as the buying activity resumes in the market.
Cardano price analysis conclusion
The Cardano price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader market is bearish as well. The support present at $1.075 is strong enough to keep the crypto afloat above, but if the support falters, then ADA/USD may roll down towards the $1.046 level.
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