Cardano price analysis: Bears strike again, taking ADA below $1.93 boundary
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TL;DR Breakdown
- The Cardano price analysis is bearish.
- The price has moved down to $1.072.
- Support for ADA is present at $1.041.
The Cardano price analysis is going bearish for today as it reveals that the price has been following a downward movement for the past few days, as the bears have constantly been striving for lead. The short-term trending line is also descending as a steady price decline has occurred for the past three days. The price has been lowered down to the $1.072 level as a result of the continuous downfall. Further downfall in price is to be expected in the approaching hours as well.
ADA/USD 1-day price chart: Cryptocurrency value depreciates up to $1.072 degree
The one-day Cardano price analysis shows that the price has been following a decreasing trend for the past three days. Although the trend was in favor of bulls previously, now the circumstances have changed, and the overall trends have been in favor of the sellers. A substantial decline in ADA/USD value has been recorded in the last 24 hours, as well as the price moved down to $1.072.
DESPITE THE BEARISH TREND EXTENDING FOR THE THIRD DAY, the SMA 20 curve has been traveling higher than the SMA 50 curve. The moving average (MA) is relatively at a stable position, i.e., $1.094. The decrease in volatility has taken the upper Bollinger band value down to $1.20, representing the strongest resistance, and the lower Bollinger band value to $0.98, representing the strongest support. The Relative Strength Index (RSI) score has also dropped down to index 43 level.
Cardano price analysis: Recent developments and further technical indications
A considerable decline in ADA/USD price has been observed during the last few hours. The price has started to flow downwards again as a result of the constant bearish pressure. The latest downturn in price has lowered it to the $1.071 level, which has proved to be quite damaging for the overall cryptocurrency value.
The moving average is trading at $1.076 above the price level as well as the SMA 20 continues to trade below the SMA 50. Now the Bollinger bands average is at $1.159 point, whereas the upper Bollinger band is resting at $1.241, the lower Bollinger band is at $1.076, and the price has stepped below the lower band. The RSI curve has covered downward movement as well, and the score is now touching index 33.
Cardano price analysis conclusion
The one-day and four-hour Cardano price analysis confirms a downtrend for the day, as the price has undergone a significant decrease in the last 24-hours. Bears have been leading the price charts for the past few days, and even today, a downward tendency has been shown by ADA/USD. A further drop in price should be expected as the hourly price chart is also showing negative signs. As the ADA price is covering a range downwards, the next support for bulls is present at the $1.041 level.
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