Cardano price analysis: ADA rejected at $1.601 as selling pressure returns

TL;DR Breakdown

  • The Cardano price analysis is bearish.
  • The resistance for ADA is present at $1.604.
  • Support is present at $1.512.

The Cardano price analysis is bearish today as ADA declined further upside at $1.601. The price trend line for the ADA/USD pair has been upwards for the past week, as the cryptocurrency has gained a significant value over this period, and the price has improved tremendously. However, today’s downtrend can prove detrimental if ADA fails to get support at $1.512.

ADA/USD 1-day price chart: Bearish pressure returns as price rolls down to $1.537

The 1-day price chart for Cardano price analysis shows the bearish pressure has lowered the price from $1.601 to $1.537 today as the coin is trading at the later value at the time of writing. The trend was previously bullish, and bulls rallied the price high over the past week, which is why the cryptocurrency reports an increase in price value of 31.7 percent over the course of the last seven days. However, the trading volume has increased by 53 percent over the last 24 hours.

The volatility is comparatively high, with the upper Bollinger band at $1.537 representing resistance for ADA, and the lower band is at the $1.074 mark representing the lowest support for ADA/USD. The mean average of the volatility indicator is $1.305. The moving average (MA) is trading below the price level at $1.332.

The relative strength index (RSI) has dipped down to index 60, though still at a higher level; the movement curve shows an intense selling activity in the market, which is the major indication for the price to go further down.

Cardano price analysis: Recent developments and further technical indications

The recent 4-hour Cardano price analysis further authenticates the bearish trend as red candlesticks continuously appear on the 4-hour chart, indicating downwards price movement. The downfall seemed controlled in the beginning four hours but has gained pace as the trend has been downwards continuously.

Cardano price analysis: ADA rejected at $1.601 as selling pressure returns 2
ADA/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is quite high, the volatility indicator’s mean average line is present at the $1.426 mark, and the MA is trading at the $1.533 level. The RSI also provides reasoning for fear of a massive loss in ADA price, as it has entered the neutral zone at index 65, giving a sell call.

Cardano price analysis conclusion

The Cardano price analysis shows the coin is under high selling pressure. The price has moved down to $1.537, indicating strong bearish momentum. The RSI is also signaling a selloff. ADA may continue further downside towards the $1.4 support zone.

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