Cardano price analysis: ADA drops to $2.43, must hold the support of $2.36?

TL;DR Breakdown

• Cardano price analysis shows a price drop.
• Support is found at $2.36.
• Resistance is found at $2.63.

The latest Cardano price analysis reveals a steep decline in price today. After the continuous bearish momentum from yesterday, the ADA/USD pair has come down from $2.57 to $2.43 today, losing an overall value of 4.5 percent over the last 24 hours,. A decline of 17 percent has been observed over the previous seven days.

ADA bulls successfully took the price to $2.63 throughout the mid-day yesterday, but ADA met strong resistance at this level as selling pressure from the market came in, and today again, the start of the day saw a steep decline in price as bears extend their practice. But again, a hopeful bullish activity has been observed during the current hours.

The pioneering Bitcoin is also down by 2.7 percent, followed by Ethereum, which is down by 5 percent. However, the market is showing mixed sentiment for top altcoins.

ADA/USD 1-day price chart: Price slides down as bears roam around

The 1-day Cardano price analysis shows bearish momentum is in full swing. The price level has significantly decreased. Price stooped down swiftly from the start of the day as selling pressure intensified in the market.

The volatility is on a high and further increasing, as Bollinger bands ends are slowly moving apart. The Upper Bollinger band is at $3.09, and the lower Bollinger band is at $2.34, making an average of $2.71, far above the price level.

The moving average MA) is at $2.58, also above the price level. The relative strength index (RSI) is in the bearish region below the centerline at a score of 47 and on a downward slope, further indicating a bearish signal.

Cardano price analysis: ADA bulls struggling in a gloomy market

The 4-hours Cardano price analysis shows signs of bulls struggle but on a trivial level. As we can see on the 4-hours price chart, bulls are trying to take over, but market conditions are not easy for them, and there is an imminent possibility of the last green candlestick turning red any time.

The volatility is increasing with the widening Bollinger bands. The upper band is at the mark of $2.78, and the lower band is at the mark of $2.29. The average of Bollinger bands is $2.54. The relative strength index (RSI) is also down in the bearish zone at a score of 41.

The technical indicators chart is completely on the bearish side. Out of the total 26 technical indicators, 10 are on the selling side, and only six are on the buying side, whereas 10 are neutral.

The moving averages also indicate sell signals with eight indicators on the selling point, six on the buying side, and one stand neutral. Most of the Oscillators are neutral with a number of nine, whereas two oscillators are on the selling point and zero on the buying point.

Cardano price analysis: Conclusion

From the 1-day and 4-hours Cardano price analysis, it can be predicted that the price movement of ADA/USD is bearish for the coming 24 hours. The support of $2.36 will be the next pivot point in determining the future if bears continue their lead. The overall market sentiment for ADA/USD is bearish today.

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