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Cardano price analysis: ADA price deflates after facing resistance above $2.23


TL;DR Breakdown

  • The bears are leading as per Cardano price analysis.
  • Price has been lowered to $2.23 today.
  • Support is still fixated at $1.97 level.

The Cardano price analysis shows bears are trying to make a comeback once again and have succeeded so far in their efforts as the price has decreased. The past week had been favorable for the bulls as the price underwent recovery at a considerable rate. But, today the trends have been reversed as now the bears are at the leading position. It is anticipated that the price will move lower than $2.23 in the coming hours as well.

ADA/USD 1-day price chart: Bearish momentum results in downturn as price lowers to $2.18

The one-day Cardano price analysis is predicting a loss in coin value as the bears are now trying to occupy the front position. The successive uptrend has been reversed as now the bears are leading the price charts. The price underwent a considerable decline and dropped down to the $2.18 level during the day. It is still above the moving average (MA) value which is standing at $2.16 at present.

Cardano price analysis: ADA price deflates after facing resistance above $2.23 1
ADA/USD 1-day price chart. Source: TradingView

The Bollinger bands Indicator holds vital importance regarding the prediction of ongoing trends. Their average value is settled at $2.23, while their upper value is at $2.49 and the lower value is at $1.97. The Relative Strength Index (RSI) score is quite neutral and is standing at 45.35 for the day.

Cardano price analysis: ADA follows downward track as bears dive towards $2.18

The four hours Cardano price analysis is dictating a loss in price value as the bears have returned on the price chart again. Red candlesticks have been dominating for the past few hours and further downfall in price is expected. The price has been reduced to $2.18 as a consequence of the increasing bearish momentum. The recent downtrend has taken price quite lower than the moving average value i.e. $2.24.

Cardano price analysis: ADA price deflates after facing resistance above $2.23 2
ADA/USD 4-hours price analysis. Source: TradingView

The volatility has decreased in the last four hours which is an encouraging sign. On the other hand, the upper and lower Bollinger bands values have changed to $2.32 and $2.15 as well. The RSI score has decreased significantly because of the bearish trend and has moved down to 45.56.

Cardano price analysis: ADA price deflates after facing resistance above $2.23 3
ADA/USD technical indicators chart. Source: TradingView

The ADA price has been at its lowest value since the past few months which is why the technical indicators chart is going bearish. The generally observed trend has been bearish as there are 12 indicators on the selling mark, nine on the neutral, and five indicators on the buying mark out of a total of 26 technical indicators.

The moving averages indicator is displaying similar results as there are 10 indicators on the selling side, four on the buying side and only one indicator is present as neutral, and not favoring any side. The oscillators are maintaining neutrality with a little inclination towards the bearish side, with a total number of eight indicators on the neutral position, two on the selling, and one on the buying position.

Cardano price analysis: conclusion

The Cardano price analysis indicates the price is headed downwards once again after the bears returned on the candlestick chart today. The ADA/USD price has dropped to the $2.18 level and is expected to move down even further. The hourly price chart is predicting the same as the price underwent decline during the last four hours as well. The chances of recovery might resurface only if the support remains fixed at $1.97.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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