Cardano’s price analysis shows that the price found support at the $0.4300 level, which allowed the bulls to advance to the $0.4350 level. However, the bearish momentum has not dissipated and the price is trading sideways between $0.4300 and $0.4400.
The broader cryptocurrency market has seen bullish market sentiment over the past 24 hours as most major cryptocurrencies have seen positive price action. The major players include XRP and XLM with slopes of 9.93 and 6.11 percent, respectively.
Cardano price analysis: ADA back to $0.4350
MACD is currently bullish, reflected in the red color of the histogram. However, the indicators show a bit of bullish momentum as the MACD has recently shown a bullish crossover.
On the other hand, the darker hue of the histogram suggests that upward pressure is building on the short-term chart, but net momentum remains weak.
The EMA is currently trading near the midpoint as the net price action has remained small over the last ten days. With the short term chart showing low volatility, both EMAs are moving horizontally, indicating a lack of momentum on either side. As long as the two EMAs move together, the momentum won’t change much either.
The RSI has been trading in the neutral zone for ten days since the index fell into oversold territory on September 19. The indicator is currently hovering at the unit index level of 43.85 and moving horizontally, showing little net activity on the short term chart. While indicators are neutral, mid positions leave room for variable moves in both directions.
The Bollinger Bands are tight as the Cardano price has seen quite a bit of volatility over the last few days and is now converging even more as the price returns to the indicator’s midline. Currently, the indicator’s lower line offers support at $0.4264, while the upper line is resistance at $0.4461.
Technical analysis for ADA/USDT
Overall, Cardano’s 4-hour price analysis provides sell signals, with 15 of the top 26 technical indicators favoring a decline. On the other hand, only one indicator supports the advance and has shown little or no bearish presence over the last few hours. At the same time, nine indicators stand on the fence and do not support either side of the market.
Cardano’s 24-hour price analysis shares this sentiment, also providing sell signals with 14 bearish indicators versus only two bullish indicators.
The analysis shows a declining dominance on the medium-term chart, while also showing less buying pressure on the asset over the same period. While the ten indicators remain neutral and do not give a signal when it will be pressed.
What to expect from Cardano’s price analysis?
Cardano’s price analysis shows that after rejection at the $0.4600 level, the price dropped to the $0.4300 level where the bulls found short-term support. The price is currently hovering between $0.4300 and $0.4400 as both sides struggle for control of the market.
Traders should expect ADA to continue moving sideways as bulls and bears struggle for dominance. However, a bearish decline is more likely as sentiment is supported by analysis of the 4-hour and 24-hour charts. On the other hand, while the short-term technical indicators are bullish, they are subject to volatile swings.