Cardano price analysis reveals that after a brief bullish surge, ADA has fallen back below the $0.4600 level against the US dollar. The price is now trading close to the key support at $0.4466 and is down by 1.19% on the day. The coin has a market capitalization of $15.3 billion, and its trading volume over the past 24 hours has been $692 million. The support for the ADA/USD pair is present at $0.4382 while the resistance levels are at $0.4548 showing a bearish trend for the coin.
ADA/USD 1-day price chart: Downtrend causes price depression up to $0.4466
The Daily Cardano price analysis shows that ADA has formed a descending channel on the charts, and the price is now trading very close to the bottom of this range. The bulls have failed to push the price above the $0.4548 resistance, and as a result, the price has started to move lower. The key support for the coin is now present at $0.4382, and if this level is breached, we can expect ADA to fall towards the $0.4350 level. On the other hand, if the price manages to rebound from the current level, we can expect it to test the $0.4548 resistance once again.
ADA/USD 1-day price, source: TradingView
The volatility is high and seems to be increasing as Bolling bands are expanding, with the upper band at $0.4548 representing the strongest resistance, and the lower band at $0.4382 representing the strongest support. The average of Bollinger bands is $0.4476 above the current price. The moving average (MA) is at the $0.575 level below the SMA 50 curve, and the relative strength index (RSI) is at index 45.35 and going further down.
Cardano price analysis: Recent developments and further technical indications
The 4-hour Cardano price analysis shows that bears have made quite a comeback today, and the price is falling as bears are securing red candlestick on the charts. ADA price is decreasing continuously from the start of the trading session, as bears are gearing up to damage the price value further.
ADA/USD 4-hour price chart. Source: TradingView
The Bollinger bands are showing the following readings; the upper band is present at the $0.4540 level, and the lower band is at $0.4418. The moving average (MA) is at the $0.468 level, and the relative strength index (RSI) is at 46.65 points, which represents a bearish trend for ADA.
Cardano price analysis conclusion
The one-day and the four-hour Cardano price analysis predicts a strong bearish trend for the day as the coin price covered a steep downward curve in the past 24 hours. Although the bearish wave was traveling quite swiftly, today, the coin value decreased up to the $0.4466 mark as the bearish trend intensified. On the other hand, the hourly price analysis shows a bearish inclination, so further downfall can also be expected.
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