Extended Downtrend Has Cardano (ADA) Dropping to $0.508 – Price Analysis
- Cardano’s price highlights bearishness.
- ADA/USD has resistance at $0.535.
- ADA’s support stood near $0.481.
Cardano’s price outlook reveals the day’s bearishness, with prices encountering massive plunges within the previous day. Bears launched another regime following defeats as ADA exhibited a bullish wave till June 8, 2022. For now, bearishness drives the market, and the altcoin plunged to $0.508. Meanwhile, the past four days welcomed downside trends, deteriorating ADA’s value. That had bulls unsuccessful in cushioning Cardano’s price action.
1 Day Timeframe – Cardano Drops Another 15%
The 1-day chart reflects Cardano’s downtrend for the day, whereas the alt encountered substantial declines. Bears led the trend after a bullish wave ruled as the week started. Today’s sessions had ADA plunging towards $0.508, surrendering 15.73% over the past 24 hours as downside trends engulfed the market. The MA trades beyond the price at $0.584, while the 20SMA curve remained higher than the 50SMA curve.
The Bollinger bands expanded while volatility surged. The upper band represents resistance at $0.663, while the lower one shows support at $0.443. Moreover, the BB makes an average beyond the price, at $0.553. The Relative Strength Index plunged to 40-index due to the market’s selling activity.
Latest Developments & More Technical Indications
Cardano’s 1hr chart favors selling activity, affirming the downside trend seen within the previous 12 hours. Massive selling momentum maintained a downward price curve. That had ADA/USD dropping towards $0.508, and analysts expected further plunges. The 4hr chart places the Moving Average at $0.559.
Bulls kept elevated actions over the past couple of weeks before the previous four days welcomed a massive shift. The topside BB settled at $0.678, while the bottom BB dropped to $0.511. The Relative Strength Index plunged into the undersold territory, hitting 28-index amid dominant selling pressure.
Most technical indicators also support massive bearishness for ADA/USD, with price shift within the past couple of days. Sixteen price indicators favored selling, nine neutralities, whereas only one displayed a ‘buy’ signal.
Final Thought
The 1-day and 4hr ADA outlook reveal a bearish bias as bears control the marketplace. Though the alt saw bullish steam earlier, the previous four days shifted the narrative, and today’s session saw ADA plunging towards $0.58. The altcoin might extend downward in the coming hours as the 4hr chart confirms bearishness.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
