Cardano price analysis: ADA rejects upside after lower high set at $1.31

Cardano price analysis: ADA rejects upside after lower high set at $1.31
  • Cardano price analysis is slightly bearish.
  • The resistance for ADA/USD is present at $1.34.
  • Support is present at $1.26.

The Cardano price analysis favors bears as the coin continues to get mixed market sentiment with an inclination towards the negative side. The coin was rejected again after setting a lower high at $1.30. ADA value has seen a steady decline over the past week as well, as the price function continued downside after setting a lower high at $1.34 on 11th December. Today’s price function is stuck at $1.30 as the price is oscillation around the said figure, and the dominant trend has not been set for today yet.

ADA/USD 1-day price chart: Dominant trend yet to be set

The 1-day price chart for Cardano price analysis shows the coin lacks momentum as neither side has overpowered the opposite, and the price value is oscillation around the current price figure. The ADA is trading hands at $1.31 at the time of writing, still reporting an increase in price value by 4.17 percent over the last 24 hours due to the uplift of price yesterday. On the other hand, the crypto pair reports a loss of 4.11 percent over the past week due to the continuous decline in price in the past few days. The trading volume is 6.30 percent more than yesterday, but it may decline over time.

ADA/USD 1-day price chart. Source: TradingView

The volatility is comparatively high, which means that a further drop in price is to be expected. The upper Bollinger band is currently touching the $1.69 value, whereas the lower Bollinger band is at the $1.14 level representing support for ADA/USD. The average of the Bollinger bands represents the resistance level for ADA at the $1.42 mark.

The Relative Strength Index (RSI) is following a horizontal curve at index 38 because of the low momentum, as no clear trend has been set as of today.

Cardano price analysis: Recent developments and further technical indications

The 4-hour Cardano price analysis shows bulls are trying to elevate the price level as the last two candlesticks are green, and bulls have nearly covered the loss made by bears at the start of the trading session as the price breakout was downwards today. If the present momentum continues for a few more hours, then ADA may close in green.

ADA/USD 4-hours price chart. Source: TradingView

On an hourly basis, if bulls continue elevating the price level, then they can maintain the very short-term trend line in the upwards direction. The volatility has decreased as the upper value of the Bollinger bands is at the $1.33 level representing resistance for ADA, whereas its lower value is settled at the $1.19 level. The average of the indicator at $1.26 represents support for the coin. The RSI curve is going upwards again due to the recent uplift in price due to the current buying activity; the RSI score has increased up to index 54 during the last four hours.

Cardano price analysis conclusion

The Cardano price analysis is still on the bearish side but may turn a little bullish in the coming hours if the present bullish activity continues for a few hours more as an increase in price has been observed in the last four hours as well. We expect ADA to break near $1.33 if the bullish momentum continues. On the flip side, if bears succeed in making a comeback, then ADA may revisit the $1.26 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.