- ADA/USD shows a bearish trend in the past few hours After a sell-of
- Cardano’s price is currently sitting at $0.2874, down by 2.00 percent.
- The Cryptocurrency is facing a strong rejection at $0.2941.
Cardano price analysis for today shows that the bears have strengthened their position over the past few hours. The ADA/USD is currently trading at $0.2874, down by 2.00 percent from the opening price of $0.2898. The market opened trading in a bearish trend, and the bears have been able to keep it below $0.2941 since then. The previous day, bulls were able to push the ADA/USD above the $0.2900 level; however, the bears have taken control of the market since then.
The ADA/USD has been facing resistance near the $0.2941 level, and it looks like the bears have taken complete control of the market as prices dropped below this level. If the Bulls make a comeback, then we could see Cardano’s price rallying toward the $0.30 level. However, if the Bears remain in control, then we could see prices dropping even further towards the $0.2800 mark.
The asset currently has a market capitalization value of $10,072,458,999, which has decreased by 2.08 percent in the last 24-hour time frame, indicating more bearish pressure. Additionally, the trading volume has also decreased by 10.29 percent to $159,615,610, indicating that more selling pressure is in the market than buying pressure. The circulating supply of ADA is currently at 25,927,070,484.
The 4-hour chart for Cardano shows that the bears have successfully pushed Cardano’s price below the 50 and 200-day moving averages. The MACD indicator is also bearish, indicating strong negative momentum in the market. The MACD line has crossed the signal line and is below the zero line, indicating that bearish pressure is likely to remain strong in the near future. The RSI indicator is currently at 49.74, signaling neutral conditions and the potential for a reversal in prices.
The hourly Bollinger bands for Cardano are currently showing extremely low volatility, with prices dropping within the lower band. This signals that bearish pressure has increased in the market, and it could continue to remain strong going forward. The upper Bollinger band is currently at $0.2951, which might act as the next level of resistance if the bulls decide to make a comeback. The lower Bollinger band is currently at $0.2838, which could act as a strong support level going forward.
Overall, bearish pressure is increasing in the market for Cardano as prices continue to drop below their key levels. The selling pressure could continue to remain strong in the near future unless the bulls can push prices back above the key resistance level of $0.2941. If that does not happen, then we could see Cardano’s price dropping further toward the $0.2800 mark.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.