Cardano price analysis: ADA sheds another 12 percent as the bearish trend amplifies

TL;DR Breakdown

  • The Cardano price analysis shows a continuous bearish trend.
  • Resistance for ADA/USD is present at $0.467.
  • Support for ADA is present at $0.429.

The latest Cardano price analysis gives an optimistic prediction for the bears as they have successfully secured the winning seat once again. The market has been following a continuous bearish trend for the fifth day consecutively, intensifying the bearish momentum. Previously the trend was upwards, but now, it seems that the selling momentum is recharging as the cryptocurrency experienced a loss in its market value up to $0.450 extreme, and further downfall can also be expected as bears continue trending.

Overall the broader cryptocurrency market is under a strong bearish grip as the King cryptocurrency Bitcoin went below the $25,000 range today. Ethereum and most of the top altcoins are also following the down way trend as Ethereum also underwent a strong correction today, and its price has reached $1281 as of now, which amounts to a loss of 12.60 percent for the last 24 hours, while the Bitcoin’s loss is also in double digits.

ADA/USD 1-day price chart: ADA undergoes a strong correction of 12 percent

The one-day Cardano price analysis gives a negative hint regarding the ongoing market trends as a decline in coin value has been observed. The bearish rally has brought the price flow down to $0.450, as the sellers are determining the price action. As the selling activity is seemingly expanding and the ADA/USD value has lowered up to the $0.450, the crypto pair is reporting a huge loss of 12 percent for the last 24 hours time period, while the weekly scenario seems more horrendous as the coin reports a loss of 29.65 percent for this time period. In contrast, the moving average (MA) value stands at a higher position, i.e., $0.570.

ada 1 day 7
ADA/USD 1-day price chart. Source: TradingView

The volatility is increasing, which means that the current downtrend might extend even further. The upper Bollinger band value is present at $0.669, representing the strongest resistance, whereas the lower Bollinger band value is present at the $0.429 representing the strongest support for the falling ADA price. The Relative Strength Index (RSI) score has been reduced to index 36 because of the intensifying selling trend.

Cardano price analysis: Recent developments and further technical indications

The four-hour Cardano price analysis further confirms the downwards trend and the worrisome situation taking shape as the coin value experienced a considerable decline in the past few hours. This is rather discouraging news for the cryptocurrency buyers as the bearish wave is getting more destructive with time. Currently, the bulls are helplessly looking for support which hasn’t been found yet, despite the fact that the coin price went below the $0.500 psychological mark. Moreover, if we discuss the moving average value, it stands at $0.508 in the 4-hour price chart as it travels downwards following the price.

ada 4 hour 6

The short-term trending line is moving in a steep descending direction as earlier; the circumstances were already quite unfavorable for the bulls. The upper value of the Bollinger bands indicator is at $0.649, whereas its lower value is at $0.456 after traveling downwards, and the price is trading below the lower band, which is a strong bearish indication. At the same time, the RSI has also taken a dip into the underbought zone as the score has reduced to index 24 due to the selling pressure.

Cardano price analysis conclusion

The one-day and the four-hour Cardano price analysis predicts a strong bearish trend for the day as the coin price covered a steep downward curve in the past 24-hours. Although the bearish wave was traveling quite swiftly, today, the coin value decreased up to the $0.450 mark as the bearish trend intensified. On the other hand, the hourly price analysis shows a bearish inclination, so further downfall can also be expected.

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