Cardano price analysis: ADA struggles at $2.26; will bulls defy the bearish pressure?

TL;DR Breakdown

• Cardano price analysis suggests ADA is getting mixed market sentiment today.
• ADA/USD finds it hard to cross the $2.29 mark.
• Support is present at $2.25.

The Cardano price analysis reveals market sentiment for ADA is dangling between bulls and bears. Price breakup was upward today, and starting hours observed a price gain till the $2.29 mark, but bears are hindering the further uptrend as selling pressure still exists in the market, and bears have reversed the price movement during the current hours, almost to the extent of balancing today’s growth.

The ADA/USD pair traded today between the range of $2.25-$2.29 and is trading hands at $2.26 at the time of writing. The first resistance for ADA/USD is present at $2.29, followed by another resistance of $2.37, whereas support is present at $2.25, followed by the stronger support at $2.1. The overall trend for ADA is inclined towards the bearish side, despite the upward trend of today, as last week also proved unfortunate for the ADA asset. However, ADA/USD pair has gained a value of 5.7 percent over the last 24 hours altogether.

ADA/USD 1-day price chart: bears decline ADA price function above $2.25

The one-day price chart for Cardano price analysis shows ADA moved up the charts at the start of the day, but bears are trying to take over, Though still the ADA/USD is on the gain if we look at today’s progress, selling pressure is still there and there exist chances of the last green candlestick turning red any time if bearish progression continues.

The volatility for ADA/USD is slightly decreasing on the 1-day chart, which is a good sign for the cryptocurrency, as Bollinger bands are narrowing down, with the upper band at $2.9 and the lower band at $1.9, making an average at $2.44.

The moving average MA) has almost traveled down to the price level and is present at $2.7, and may cross the price down, marking a bullish sign. The other indication is the relative strength index (RSI) which has flattened up at 45 index, canceling out the benefit of MA if it crosses down the price level.

Cardano price analysis: Bears taking over the hourly charts and technical indications

The 4-hour price chart for Cardano price analysis presents bears are trying to reverse the price function, which gained momentum from yesterday. The bearish efforts have taken a toll on the ADA price value as the price is coming down again during the current hours, almost canceling out today’s upward price function, and a further decline seems imminent.

The volatility is mild for ADA/USD as Bollinger bands have taken fixed positions and are moving ahead unchanged, with the upper band at $2.29 and the lower band at $1.98. The average of Bollinger bands is forming at $2.1.

The moving average (MA) is present at $2.16 on the hourly charts, but as the last week was unfavorable for ADA/USD, the MA10, MA20, and MA30 are all supporting the bearish side, and exponential moving averages EMA10, EMA20, and EMA30 are all supporting selling of assets.

The relative strength index (RSI) has also dipped down during the recent hours and is at 51 index in the neutral zone, but on a downward movement curve, due to the selling pressure in the market, indicating a further price drop might be observed in the coming hours. Although RSI is neutral at this time, along with many other oscillators also standing neutral, but one other important oscillator, MACD, is giving a selling of assets signal, and the only oscillator giving a buy signal is of momentum.

The overall outlook of technical indicators for Cardano price analysis, including the moving average and oscillators, is in support of bears as in total they are mostly pointing towards the selling option with a number of 10 and only six indications are for buying of assets, that also not in the shorter-run, thus indicating a bearish trend for coming hours.

Cardano price analysis: Conclusion

On the basis of daily and hourly Cardano price analysis and technical indications, the building of bearish momentum in the coming hours seems imminent, and we may observe the price going further down in the coming hours. But, if ADA gathers enough support from traders, then it might see some improvement as prospects for improvement is also there.

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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