Cardano’s price turns bearish, unable to move past the resistance at $1.84. The nearest support zone rests at $1.6, but prices fell below this support zone. The support broke as a huge sell-off of Bitcoin brought it below $55,000.
The daily candle opened at $1.676, reaching a daily high of $1.685. ADA reached a daily low of $1.495, dropping by more than 8.42% in a single day.
As per the data from CoinMarketCap, the trading volume of the token surged by 8.12%, resting at $3.3 billion. The ADA dominance of stands at 2.08%, with a market rank of 6.
The market cap of the token dropped by 8.29% and stood at $52 billion. The smart contracts platform has been bearish for the past 30 days, dropping by nearly 30%, as per data from CoinGecko.
Cardano price analysis using technical indicators
Cardano price analysis is bearish for today as the token broken out from the lower end of the Bollinger Bands, dropping to the $1.5 price level. Multiple daily bearish candles can be seen in the chart below.
The price action dropped below the 50-day and 100-day Moving Averages, breaking the chances of an uptrend formation. We might see bulls trying to conquer these key Averages in the near future.
The MACD indicator remains bearish as the blue (MACD line) breaks below the price action, leading to a bearish histogram full of red bars. We might see lower prices today.
The RSI indicator enters the oversold region, and if this continues, Cardano might drop further. The gradient is negative, which represents a surge in selling pressure. Bears are in charge of the market movement and will give investors a run for their money.
Conclusion
Cardano’s historical price movement suggests that it is indeed a promising investment and, right now, would be the best time to buy Cardano.