Cardano’s price showed bearishness, falling to $0.48 from its previous level. In the 24 hours since writing, it has dropped by more than 2 percent. It has fallen by over 12% in the last week. Bitcoin’s move to the $20,000 had led to other altcoins falling on their charts as well. ADA had been slowly increasing in value, but the bulls couldn’t sustain their price momentum as of this writing.
While the altcoin was trading near the $0.48 level, selling pressure caused it to not cross the $0.49 resistance. After the coin reached the $0.44 price point, the technical outlook for altcoin shifted to bearish.
ADA received immediate support at $0.43 The market was being controlled by sellers at the time that this writing was completed. The price of the currency fell below $0.44 but it has traded above this level for significant periods of time. Cardano has seen its value fall further due to a lack in demand. After a revaluation, the global cryptocurrency market is worth $1.05 Trillion. 4.4%Negative change over the last 24hrs
Cardano Price Analysis: Four-Hour Chart
At the time this article was written, ADA traded at $0.44. After it retreated to the $0.48 mark, there has been a steep decline in altcoin prices. The support level of the coin was $0.42. Any fall below it could lead to ADA trade at $0.38.
At $0.49, the overhead resistance of the coin was observed. A move higher than the $0.49 mark could be possible if the buyer strength returns. Altcoin’s next resistance point would be $0.52. Cardano’s trading volume fell, which indicates that the sellers have taken control at the time this article was written.
The four-hour chart showed ADA as selling strength, while the price of altcoin saw a decrease. Buyers fled the market due to the continued sideways movements.
Relative Strength Index below 50% meant sellers had taken the market over at press time.
Cardano prices were below the 20 SMA lines, signifying that demand was lower and that sellers were driving market price momentum.
On the 4-hour chart, altcoin began to see a selling signal. Moving Average Convergence Divergence indicates price momentum, and the reversal. MACD displayed a bearish crossover. It only showed one signal bar, which was a sell sign for ADA.
This might also indicate that ADA could lose its value during the following trading sessions. Bollinger bands signify price volatility or price fluctuation. Bollinger Bands were parallel. This meant that the price of ADA would be at roughly the same level in the next trading session.