Cardano (ADA) Encounters Rejection at $1.36 – Price Analysis
Briefly-
- ADA price flashes bearishness.
- The alternative coin has its resistance at $1.38.
- ADA’s support floor sits at $1.32.
Cardano price highlights bearishness, but the narrative can change later on the day as the crypto market seems to recover from the recent bearish strength. Nevertheless, Cardano’s price stays on a downward mode today as bears dominated during Friday’s early sessions, dragging ADA towards $1.34. Nevertheless, the extended downtrends seem to mute today as the daily chart show paused price actions.
ADA/USD 24Hr Chart – Cardano Retraces Again
The ADA’s one-day chart indicates the tokens price fell to $1.34 after the past day’s recovery. While publishing this content, ADA/USD trades at $1.34. However, the cryptocurrency still reports a 2.5% value increase within the past 24 hours amid yesterday’s steady upward actions. Meanwhile, the token trades 7.17% down over the past seven days as of December 28 and 29 saw Cardano deteriorating massively. Also, the trading volume stands on a 25.93% 24-hour decline, reflecting the ADA’s 2.03% market dominance.
The volatility appears high at the moment. The Relative Strength Index fluctuated at the neutral zone’s lower half near index 45. The indicator’s curve remains slightly downward, showing selling momentum.
Latest Developments and More Technical Signals
The four-hour chart show Cardano declined as the day’s trading sessions began. However, the asset noted bullish efforts as the 4hr chart shows a small green candle emerging gradually. Cardano fans can expect recoveries in the upcoming sessions with the emerging bullish actions in the broad market.
Nonetheless, the Relative Strength Index curve remains slightly downward within the neutral zone’s lower range. That shows prices are under pressure, and the green candle can turn red as the indicator displays inadequate bullish strength as bears tighten their spots. Also, the four-hour chart highlights high volatility.
Final Thought
Cardano displays bearish reactions today. Though the altcoin saw some bullishness emerging, bears appear ready to dim the optimistic moves as the token moves under pressure. Moreover, the RSI shows bearish favoritism. The altcoin has few recovery chances and might continue testing lower levels in the coming 24 hours. Nevertheless, the gradual bullish rise in the crypto space can keep ADA investors hopeful.
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