Cardano Price Analysis: ADA Below Bearish Domain as Price Drops Sharply to $0.559

the Gimbal Price the analysis for today is completely on the bearish side. The bears took the lead from the start of the day and took the price level from $0.597 to $0.559. After three straight days of efforts to recoup prices on the bullish side, today ADA fell again and corrected down to the $0.559 level.

1-Day ADA/USD Price Chart: Bulls Need to Hold $0.528 Support

1 day gimbal price analysis shows a decline in the price today. The ADA price has been steadily rallying for the past few days, but today the bears have gained enough strength to plunge the price again. Due to the overall bearish markets, ADA has lost a valuable 20.07% in value over the past week, as it is trading at $0.559 at the time of writing after the recent correction, and a further decline in the value of price is also expected. In this case, the next support for ADA is present at $0.528, where bulls can look for support. However, trading volume increased by 21.87%, providing market dominance of 1.49%.

ADA/USD 1 day price chart. Source: TradingView

Volatility is high and appears to be increasing as the Bolling Bands extend, with the band above $0.952 representing the strongest resistance and the band below $0.446 representing the strongest support. The average of the Bollinger Bands is $0.699 above the current price. The Moving Average (MA) is at the $0.575 level below the 50 SMA curve, and the Relative Strength Index (RSI) is at the 35 index and continues to decline.

Cardano Price Analysis: Recent Developments and Other Technical Indications

Cardano’s 4-hour price analysis shows that the bears have made a strong comeback today, and the price is falling as the bears secure the red candlestick on the charts. The price of ADA has been continuously declining since the start of the trading session as the bears prepare to further damage the value of the price.

ADAUSD 4 Hours Price Chart 2022 05 16ADA/USD 4 hour price chart. Source: TradingView

Volatility is moderate but slightly lower than the last few hours. Bollinger bands display the following readings; the upper band is present at the $0.600 mark and the lower band is present at the $0.493 mark.

The average of the Bollinger Bands forms at $0.547, below the price and the Moving Average (MA) is at $0.556, just below the price level. However, the price is rapidly falling towards the values ​​mentioned above, which further strengthens the bearish momentum. The Relative Strength Index (RSI) is at 50 but on a downward curve suggesting selling activity in the market.

The technical indicators for Cardano’s price analysis also favor the sellers, as the most important moving averages (MAs) are on the bearish side. The MA10, 20 and 30 all indicate sell signals. The exponential moving averages EMA10, 20 and 30 are also showing signs of selling.

Overall, a majority of 15 technical indicators are showing sell signals and only one indicator is giving a buy signal, while 10 technical indicators are neutral in the current situation.

Conclusion of Cardano price analysis

Cardano daily and hourly price analysis shows ADA/USD crypto pair may remain bearish for the next 24 hours as the bears strengthen and reduce the price levels. There are enough chances that the prices will deteriorate further, as can be analyzed from the hourly movement of the RSI indicator, and the presence of support at a much lower level.

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