ADA to retest $1.86 as support


www.cryptopolitan.com

2 h

Reading time: ~2 m


  • Cardano price analysis is bearish today.
  • The resistance for ADA is found at $1.90.
  • Support is present at $1.86.

The Cardano price analysis shows a bearish trend. Overall the coin is following a downwards trend from the last two weeks, but the bulls tried to make some recovery during the last two days. However, today bears are leading the price function again as a decrease in price has been observed.

The broader crypto market has received bearish sentiment over the last 24 hours. Most of the top altcoins are reporting losses, along with the Bitcoin and Ethereum covering a downwards range today. The trends were upwards for the last two days, but a reversal is observed today.

ADA/USD 1-day price chart: bears devalue ADA to $1.88

The 1-day Cardano price analysis shows a decrease in coin price today, as the coin has fallen from $1.91 to $1.88 today. Today’s downtrend has almost canceled out yesterday’s gains, as now gain in value has decreased to 0.18 percent for the last 24 hours, and for the last week, the coin shows a loss in value amounting to 8.14 percent. The trading volume has also decreased by 8.38 percent.

The volatility is mild on the 4-hour chart with the price trading above the mean average line of the volatility indicator, and the mean average represents support for ADA here at the $1.85 mark, and the upper limit of the indicator at the $1.94 mark represents resistance for the crypto pair. The RSI is also maintaining a horizontal curve, indicating competition between the buying and the selling sides.

Cardano price analysis conclusion

The Cardano price analysis shows a downtrend overall for the cryptocurrency including today, as bears are still continuing their progress and the recovery made by bulls recently is also negligible. If the downtrend continues, the bulls will have to hold on to the $1.85 support level. If the pressure continues, then ADA may roll down to the $1.78 support zone.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


Source link

You May Also Like