- Cardano price analysis shows a price drop.
- Support is found at $2.36.
- Resistance is found at $2.45
The most recent Cardano price analysis shows a sharp drop in value today. After the continuing bearish momentum from yesterday, the ADA/USD pair has dropped from $2.57 to $2.43 today, losing 4.5 percent of its overall value over the last 24 hours. Over the previous seven days, a drop of 17% was recorded.
On Monday the price gain was broken and on Tuesday, during both hours, a new low was established. However, yesterday’s fall proved to be short-lived as today’s decline has been more severe. ADA bulls successfully took the price to $2.50 throughout the mid-day yesterday, but ADA met strong resistance at this level as selling pressure heightened.
ADA/USD 1-day price chart: Bears persistent to activate pullback
The 1-day Cardano forecast suggests that the bearish trend is in full swing. The price has dropped considerably. Price fell precipitously throughout the day as selling pressure grew in the market.
ADA/USD 1-day price chart. Source: Trading view
The moving average (MA) is presently at $2.58, which is also greater than the price level. The relative strength index (RSI) is in a bearish position to the centerline with a score of 47 and on a downward slope, indicating an even more bearish signal.
4-hour Cardano price analysis: Will buyers break bearish momentum?
The 4-hour Cardano price chart shows the presence of some bulls, albeit on a minor scale. Bulls are attempting to take control of the market, but market conditions are not conducive to them, and there is an increasing possibility that the final green candlestick will turn red at any moment.
With the widening of the Bollinger bands, there is an increased degree of volatility. The upper band is at $2.78, while the lower band is at $2.29. The average of Bollinger bands is $2.54. In the bearish zone, the relative strength index (RSI) has a value of 41,
The technical indicators chart is in a neutral zone. The moving averages also provide sell signals with eight indicators on the selling side, six on the buying side, and one on stand neutral. The majority of the Oscillators are neutral, with nine being the most common number; two oscillators are on the selling point and 1 on the buying point.
Cardano price analysis: Conclusion
According to the 1-day and 4-hour Cardano price analysis, it may be expected that ADA/USD’s price will be bearish for the next 24 hours. If the bears continue to lead, the support level of $2.4 will be the next pivot point in determining the future path. Today, the overall market sentiment for ADA
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