Cardano price analysis: Cryptocurrency faces break down to $0.3363 as bears take over


cardano price The analysis shows a bearish trend in the cryptocurrency market at present. Cardano Prices are currently trading above the key support at $0.3282, and a breakdown of this level could signal further declines towards the next major support at $0.3363.

The bearish wave is being driven by strong selling pressure from investors, who are concerned about the potentially negative impact of regulatory uncertainty on cryptocurrency markets. However, if Cardano prices can sustain above the key support at $0.3282 and go higher, we could see a change in market sentiment and a rally towards the next resistance level at $0.3454.

ADA/USD 1-day price chart: bearish wave extends after a short interval

24 hours cardano price Analysis shows that a downtrend is currently controlling the market as a loss in the value of the currency is observed. The price experienced a rally in the last two days, but now the downtrend is getting quite stronger. The short-term trend line is moving in the downward direction again, and ADA/USD now sits at $0.3363 down 2.31% in the last 24 hours. ADA’s 24-hour trading volume is $367 million, with a market capitalization of $11.56 billion.

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ADA/USD 24-hour price chart, source: TradingView

The 50 and 100 simple moving average is moving lower, indicating strong selling pressure on the crypto. The MACD line has crossed down from the level above zero. There are chances of a further drawdown in value if the bears continue to push hard. As for indicators, the RSI is at 47.41 levels, which shows that it is neither oversold nor overbought at the moment.

Cardano Price Analysis: Price Rises to $0.3363 as Downtrend Follows

Cardano’s 4-hour price analysis shows that the cryptocurrency is still in a downward trend and that the rally was short-lived. The price reached as high as $0.3363 but was unable to maintain its momentum and fell to $0.3250 with a small dip. The ADA/USD pair is currently trading in a range of $0.3250-$0.3363, for the last 4 hours.

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ADA/USD 4-hour price chart, source: TradingView

The 100 SMA is moving in a lower direction, while the 50 SMA shows some recovery attempts. The RSI chart shows an upward curve due to the last bullish move, and the score has risen to $40.67. The ascending triangle pattern also shows signs of a future breakout with the MACD line moving higher than before.

Cardano Price Analysis

To conclude, Cardano’s price analysis shows bearish market conditions for the cryptocurrency, with further declines likely in the near term. However, if Cardano prices can break above the key resistance at $0.3454, we could see a shift in market sentiment and a rally towards more sustainable levels.

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