• ADA price retraces by 1.54%.
• A strong downturn can be seen in the Cardano (ADA) price analysis.
• Support for ADA is at $0.4139.

Cardano (ADA) price analysis indicates that over the past few hours ADA has been sharply declining as it retraces from its $0.4263 top. During the most recent price surge, ADA reached its all-time high of $0.4263 before encountering a harsh drop that led it to lose value.

During the downturn, ADA reaches a low of $0.4151, experiencing a fall of 1.54%, at the time of writing. ADA has a market value of $14,187,110,238 and a $344,957,910 trading volume. This represents a 1.79% decline in market capitalization, but a 23.48% rise in trading volume.

ADA/USD 1-day price chart Source :CoinMarketCap

The recent few hours’ price movement of Cardano (ADA) has been marked by intense selling pressure, which has caused its price to decline by 1.79%. According to the price charts’ technical indicators, the market is in a downturn as the bears are in charge.

The bearish momentum is accelerating as a result of the MACD blue line crossing the signal line and entering the negative region. The blue MACD line is at a level of -0.0022, indicating a downward price movement. The selling pressure is a result of traders choosing to sell Cardano (ADA) since the MACD line is below the signal line.

With a value of 29.91, the Relative Strength Index (RSI) is practically in the oversold area. As the bears tighten their grip on Cardano prices, the RSI position on the price charts suggests that there is still more potential for the digital currency to maintain its trend.

A period of low volatility is indicated by the Bollinger Band’s tightening, which increases the chance of a sharp price movement in either direction. The top and lower bands meet at 0.4288 and 0.4182, respectively. Additionally, the lower band is moving downward, indicating that ADA is becoming oversold.

ADA/USD 4-hour price chart Source :CoinMarketCap

With the 5-day and 20-day Moving Averages, the Moving Average (MA) lines are signaling a bearish trend. The 5-day MA and the 20-day MA both touch at 0.4213 and 0.4235, respectively. As seen in the price chart for ADA, a bearish crossover, which occurs when a short-term MA crosses below a longer-term MA, confirms a negative momentum.

ADA/USD 4-hour price chart Source :CoinMarketCap

Overall, in order to invalidate the present bearish trend on the charts, bulls must hold the resistance level and drive prices higher.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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