Cardano (ADA) Remains Bearish at $2.3 – Price Analysis

Briefly –

  • Cardano’s price analysis depicts a price plunge.
  • The altcoin has its support at $2.36.
  • Meanwhile, resistance stands at $2.45.

Cardano’s recent price movements had the token enduring a sharp plunge today. After extending its Saturday’s bearish momentum, ADA/USD plummeted to $2.43 from $2.57 on Sunday. That was after the alternative token lost 4.5% in 24 hours. The coin recorded a 17% plunge over the past week.

On Monday, Cardano saw another price break, forming a new low on Tuesday sessions. Nevertheless, yesterday’s plummet proved short-lived as the token endures more severe plunges today. Cardano bulls managed to take ADA to $2.50 on mid-Saturday, but the asset encountered a massive resistance around this level due to heightened selling pressure.

1-day Chart – Bears Determined for a Pullback

According to the one-day price chart, Cardano sustains massive bearishness. The altcoin has witnessed its price plunging significantly. With the increased selling pressure in the market, ADA might find it challenging to reverse its downward trend.

For now, ADA’s Moving Average stands at $2.58. Meanwhile, the Relative Strength Index suggests bearishness at the midline, hovering at 47. As the indicator is in a plunging slope, Cardano will see increased bearishness.

4Hr –Will Buyers Overcome Bearish Momentum

Cardano’s four-hour chart suggests bulls’ presence, though the scale is slight. As much as bulls remain optimistic, controlling the ADA market, the conditions appear not that conducive. Moreover, the chances of the final green candle turning red at any time are high.

The Bollinger Bands widens, suggesting high volatility. The top band settles at $2.78, and the lower one is near $2.29. That way, the Bollinger bands average stands at $2.54. The Relative Strength Index is at a bearish territory at 41.

Meanwhile, technical indicators appear in a neutral region. The MAs show sell gestures with six price indicators on the buyers’ side, eight on the sellers’ side, while one is neutral. Most of Cardano’s oscillators are in the neutral zone.

Conclusion

The 4Hr and 1-day analysis suggest that ADA/USD will suffer bearishness in the coming 24 hours. If bears extend their market dominance, the pivot at $2.4 will determine its future direction. Will Cardano overturn its bearish trend? Comment below.