By Alicia Maher
- Cardano experiences bearish trends.
- The nearest support stands at $0.419.
- ADA/USD has a resistance level near $0.520.
Cardano’s price outlook reveals a substantial drop. Bears control the marketplace, and ADA has continued downward since May 25, 2022. For now, ADA explores the lows of $0.459. The past couple of hours remained crucial as bearish strength intensified, and the token was yet to secure support.
1 Day Timeframe – Bulls Helpless
Cardano’s one-day chart shows ADA progressing in a negative bias. Bears remain in the steering as they maintain their regime for the 3rd consecutive day. While publishing the content, the altcoin hovered at $0.459, following an approximately 10% decline in 24 hours. Meanwhile, intensifying pessimism suggests a further drop for the alt. Meanwhile, the MA indicator stays beyond the price level (at $0.511) amidst considerable bearish strength.
Volatility is decreasing, a pessimistic stance for ADA bulls, with the top BB, touching $0.666 while the lower limit stood at $0.419. Moreover, the Relative Strength Index plunges critically, reading at 32.
4Hr Timeframe – Further Technicals and Latest Developments
The 4hr reflects extreme price deterioration as Cardano encountered massive losses over the past few hours. Escalated downside momentum took prices to the $0.459 lows – the lowest within the past year. The MA stands at $0.488, whereas the Bollinger Bands’ upper limit stands near $0.542. Moreover, the BB’s lower band stood at $0.465. However, prices revealed massive bearish indications as ADA hovered beneath the BB lower boundary.
The trend line favors bearish actions, and Cardano might plummet further in the up-and-coming weeks. The Relative Strength Index stayed within the bearish region at index 25. The overall trend remains bearish as the previous week saw multiple red candles on the ADA chart. Technical indicators show 16 indicators favoring selling, nine at neutral, while only one stands on the buying adjacent.
Final Thought
The 4hr and 1day chart shows bears dominating the Cardano ecosystem as the alt experiences massive bearishness. The altcoin explores levels never seen for a year, changing hands at $0.459. the support at $0.419 stayed well beneath, so ADA can extend lower in the coming hours.
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