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TL;DR Breakdown
- Cardano price analysis suggests downwards movement to $0.9500
- The closest support level lies at $0.9500 and further below at $0.900
- ADA faces resistance at the $1.060 mark
The Cardano price analysis shows that the asset’s price action has broken down below psychological support level at the $1.00 mark and now falls freely as the buyers struggle to hold a support level.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include WAVES and LUNA recording a 12.71 and an 8.44 percent decline respectively.
Cardano price analysis: ADA falls below $0.990
Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows little bearish momentum as of press time as the MACD has just exhibited a bearish crossover. As such, mild bullish activity may cause the indicator to reverse. However, considering that ADA is in freefall below the $1.00, the indicator is expected to show steep bearish curve across the short term.
The EMAs are currently trading low as ADA observes a net bearish price movement over the past five days. The asset’s price was rejected at $1.060 and the trend rejection caused a crash below the $0.990 mark where it currently trades. The 12_EMA is moving downwards with a steep slope while the 26-EMA moves horizontally at press time.
While the RSI has been trading low near the oversold region since 6 April showing a bearish trend across the mid term charts. The indicator is currently trading at 31.59 index unit level and moving downwards. The indicator’s position leaves low room for further downwards movement but the current slope almost guarantees a dive into the oversold region.
The Bollinger Bands were narrow yesterday but now show some divergence as the price action breaks down below the indicator’s bottom line. The sellers have broken the $0.9920 support level and now the price action is moving downwards at an alarming pace.
Technical analysis for ADA/USDT
Overall, the 4-hour Cardano price analysis issues a strong sell signal with 17 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, none of the indicators supports the bulls, showing little to no bullish presence in recent hours. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time.
The 24-hour Cardano price analysis shares this sentiment and issues a sell signal with 16 major technical indicators suggesting downwards movement against only one of the indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing a mild bullish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market.
What to expect from the Cardano price analysis?
The Cardano price analysis shows that after finding strong bearish pressure at the $1.060 mark which rejected the trend causing ADA to fall below the $0.990. At press time, the bears dominate the market as the price action struggles to find a support level.
Currently, traders should expect the Cardano price analysis to move downwards towards the $0.950 support level as no major support lies below the $1.00 mark. The mid term technical analysis also support this suggestion with their strongly bearish indications.