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Cardano (ADA)CryptocurrencyNewsPrice Analysis

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.

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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.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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