ADA corrects to $0.508 as the downtrend extend
The latest Cardano price analysis confirms a bearish trend for the day as the price experienced a major drop in the past 24-hours. The bearish momentum is growing after a consistent defeat as a bullish wave was occupying the market till 8 June 2022. Currently, the bears are on top as the price moved down to $0.508 during the day. Overall the price has been following a downtrend for the last four days, and the coin’s value has deteriorated to a large extent during this time; the bulls have thus remained unsuccessful in providing a cushion to the crypto pair’s price function.
The one-day Cardano price analysis predicts a downward market trend for the day as the cryptocurrency faced a considerable loss. Today, the bears successfully continued their lead; previously, a constant bullish wave dominated the market at the start of the week. Today, the cryptocurrency value moved down to $0.508, losing 15.72 percent value during the last 24 hours due to the declining trend that is engulfing the market. The moving average (MA) is trading above the price level at $0.584, and the SMA 20 curve is still trading higher than the SMA 50 curve.
The hourly Cardano price analysis is in favor of the sellers, as a downward price movement was observed in the past 12 hours. The price curve has been headed downwards because of heavy selling pressure. This is why the ADA/USD value has been lowered to $0.508, and further downfall is also expected. According to the 4-hour price chart, the moving average value is present at $0.559.
The one-day Cardano price analysis predicts a downward market trend for the day as the cryptocurrency faced a considerable loss. Today, the bears successfully continued their lead; previously, a constant bullish wave dominated the market at the start of the week. Today, the cryptocurrency value moved down to $0.508, losing 15.72 percent value during the last 24 hours due to the declining trend that is engulfing the market. The moving average (MA) is trading above the price level at $0.584, and the SMA 20 curve is still trading higher than the SMA 50 curve.
The hourly Cardano price analysis is in favor of the sellers, as a downward price movement was observed in the past 12 hours. The price curve has been headed downwards because of heavy selling pressure. This is why the ADA/USD value has been lowered to $0.508, and further downfall is also expected. According to the 4-hour price chart, the moving average value is present at $0.559.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.