Bearish Pressure Sees Cardano (ADA) Returning to $1.160 – Price Analysis
- ADA price analysis reveals bearish motion.
- Cardano’s resistance locates at $1.20.
- The altcoin has its support at $1.11.
The latest Cardano price movements highlight a surging bearish momentum as the alt followed a plunging tendency within the past 24 hours. Meanwhile, the alternative token has exhibited downtrends since December 26 amid increased bearishness. Today’s session saw bears tightening their activity, taking ADA back to the lows of $1.160.
ADA/USD 24Hr Chart – Bearish Momentum Weighs on Price Function
The 24-hour price chart for ADA indicates the token has seen continued downtrends, and the price dropped further today. The alternative coin has lost 5.9% of its value within the past day. Also, Cardano stayed on a 14.6% loss within the last seven days. Meanwhile, the alt’s trading volume has surged by 27.9% as ADA’s market capitalization noted a 5.6% decrease.
Nevertheless, crypto bears have led the marketplace within the last month, and they seem to restore their upper position now. The Bollinger Bands indicates value changes as the top band touches $1.52, while the lower one shows ADA support at $1.14. Moreover, the Relative Strength Index stays within the neutral zone at 37-index.
Latest Developments and More Technical Indication
The four-hour chart analysis indicates Cardano noted upside actions during the final 4 hours of yesterday’s last session. However, surged selling momentum saw markets sentiment shifting to negative in today’s early hours. That had the price functions oscillating downward until now. Meanwhile, Cardano’s price touches the $1.160 mark, a lower level than its MA value of $1.18.
The surged volatility indicates possible downswings for the alt in the coming hours. The top and low Bollinger Bands remain positions. The upper band stood at $1.27, representing ADA’s resistance, while the lower one forms support at $1.4. The indicators depict massive volatility for the altcoin. The RSI curve remains flattened at 37 over the last few hours, indicating bearishness weighing on Cardano’s price function.
The daily and hourly ADA price analysis confirms plummets in the crypto as bears dragged Cardano lower to $1.160 once more. The bearish trend might surge in the coming few days as the selling pressure note increment. The hourly forecast shows sellers’ favoritism as Cardano saw increased selling activity within the last few hours.