Cardano’s price analysis shows that the asset’s price action has broken below the $1.00 psychological support level and is now in free fall as buyers struggle to hold on to the support level.
The broader cryptocurrency market has witnessed a bearish market sentiment over the past 24 hours as most major cryptocurrencies have seen negative price action. Major players included WAVES and LUNA, which fell 12.71 and 8.44 percent, respectively.
Cardano price analysis: ADA falls below $0.990
Looking at the technical indicators, the MACD is currently declining, which is reflected in the red color of the histogram. However, at the time of the impetus, the indicators are showing a slight bearish momentum as the MACD has just shown a bearish crossover. Therefore, a slight upward movement may cause the indicator to reverse direction. However, with ADA in free fall below $1.00, the indicator is expected to show a sharp downward curve in the short term.
The EMA is currently trading low as ADA saw a net downward move in price over the last five days. The asset price was rejected at $1,060 and trend rejection caused a breakdown below the $0.990 line where it is currently trading. The 12_EMA moves down a steep slope while the 26-EMA moves horizontally when pushed.
While the RSI has been trading low near oversold territory since April 6th, it is showing a downtrend on the medium term chart. The indicator is currently trading at 31.59 index units and moving down. The indicator positions leave little room for further declines, but the current slope almost guarantees a decline into oversold territory.
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Yesterday’s Bollinger Bands were tight but are now showing some divergence as the price action fell below the indicator’s lower line. The sellers broke the $0.9920 support level and now the price action is moving down at an alarming rate.
Technical Analysis for ADA/USDT
Overall, Cardano’s 4-hour price analysis sends a strong sell signal, with 17 of the top 26 technical indicators showing support for the bears during this timeframe. On the other hand, there are no indicators supporting the advance and have shown little to no bullish presence over the last few hours. Meanwhile, the other nine indicators sit on the fence and give no signals during the press.
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Cardano‘s 24-hour price analysis shares this sentiment, providing a sell signal with 16 of the main technical indicators showing a downside movement, while only one indicator showing an up move. The analysis reinforces the bearish dominance while pointing to some bullish pressure on the medium term chart. At the same time, the nine indicators remain neutral and do not favor any country in the market.
What to expect from Cardano’s price analysis?
Cardano’s price analysis shows that after seeing strong bearish pressure to the $1,060 level, the trend reversed and ADA dropped below $0.990. During the press, bears dominated the market as price action struggled to find some level of support.
For now, traders should expect Cardano price analysis to drop to the $0.950 support level as there isn’t much support below the $1.00 level. Medium term technical analysis also supports this proposal with strong bearish signs.