Cardano price analysis: ADA corrects to $0.508 as the downtrend extends

TL;DR Breakdown

  • The Cardano price analysis shows a bearish trend.
  • Resistance for ADA/USD is present at $0.535.
  • Support for ADA is present at $0.481.

The latest Cardano price analysis confirms a bearish trend for the day as the price experienced a major drop in the past 24-hours. The bearish momentum is growing after a consistent defeat as a bullish wave was occupying the market till 8 June 2022. Currently, the bears are on top as the price moved down to $0.508 during the day. Overall the price has been following a downtrend for the last four days, and the coin’s value has deteriorated to a large extent during this time; the bulls have thus remained unsuccessful in providing a cushion to the crypto pair’s price function.

ADA/USD 1-day price chart: ADA loses another 15 percent value

The one-day Cardano price analysis predicts a downward market trend for the day as the cryptocurrency faced a considerable loss. Today, the bears successfully continued their lead; previously, a constant bullish wave dominated the market at the start of the week. Today, the cryptocurrency value moved down to $0.508, losing 15.72 percent value during the last 24 hours due to the declining trend that is engulfing the market. The moving average (MA) is trading above the price level at $0.584, and the SMA 20 curve is still trading higher than the SMA 50 curve.

ada 1 day 6
ADA/USD 1-day price chart. Source: TradingView

The Bollinger bands are expanding as the volatility is increasing, and the upper band shows a $0.663 value representing the resistance, whereas the lower band shows a $0.443 value representing the support. At the same time, the Bollinger bands are making an average of $0.553 above the price level. The Relative Strength Index (RSI) score has dropped down to an index of 40 because of the selling activity observed in the market.

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