Cardano price analysis for today indicates a bearish trend as the overall crypto market faces downward pressure. The buying pressure is seen to be weak as the selling pressure is pushing the price of ADA lower. The bears have taken the lead and pushed the price of ADA down to $0.3760 in the past 24 hours.
The buyers failed to break past the resistance level of $0.3879 while the sellers managed to push the price down below this barrier and set a lower low at $0.3752. A breach on the resistance level of $0.3879 could indicate a bullish trend in the market and might allow ADA to hit higher levels, however, as it stands now, the bears are firmly in control.
Cryptocurrencies price heatmap, Source; Coin360
Most cryptocurrencies are in a downtrend and Cardano is no exception. The top coins are all declining in value, leading to a decrease in the overall crypto market capitalization. The Bitcoin and Ethereum prices are also in a bearish phase, with their prices dropping by 1.33% and 1.42%, respectively, in the past 24 hours.
Cardano price analysis 1-day chart: ADA/USD face resistance at the $0.3879 level
The daily Cardano price analysis shows a decrease in the coin value after the bearish return. The bears have made a successful attempt at making a comeback, as the price has decreased up to $0.3752 today with the market cap declining too as it stands at 13 billion. The trading volume is at $397 million, lower than yesterday’s close.
ADA/USD 1-day price chart, Source: TradingView
The technical indicators are showing a bearish trend as the RSI indicator is trading at 56.63 heading to the neutral level indicating a weakening of the bulls in the market. The moving average (MA) value is present at 0.3633 lower than the ADA/USD current price. Moreover, the Bollinger Bands indicate a downtrend in the market as the bands are widening. The upper Bollinger band is at 0.3866 while the lower band is at 0.3120.
Cardano price analysis 4-hour chart: Recent developments
The 4-hour Cardano price analysis confirms that a downtrend has been taking place for the past few hours, as the price trend line is also sloping downwards. The buyers failed to attempt breaking past the resistance level at $.3879 as the ADA is trading in a range of $0.3720 and $0.3819.
ADA/USD 4-hour price chart, Source: TradingView
Hourly technical indicators are signaling a negative trend in the market as the RSI is sharply heading to the south and is currently at 56.13. The Moving Average (MA) line is trending lower and is placed at 0.3813, indicating the bearish sentiment in the market. In addition, the volatility is high for ADA/USD pair, as the upper limit of the Bollinger band is at the 0.3998 mark, while the lower band is present at the 0.3357 mark.
Cardano price analysis conclusion
The overall crypto market is facing strong downward pressure, resulting in the price of Cardano. ADA has lost 2.71% of its value in the past 24 hours as the bears have taken control of the market. Buyers need to push the ADA/USD pair past the $0.3879 resistance level to initiate a bullish trend otherwise the bearish trend will continue.
