Cardano Price Analysis CMP-$0.3575: BEARS are thirsty to break the 18-month low

The Cardano price analysis confirms a 

bearish trend for the day, as a falling price movement has been observed. Bears have been in control of the market for the previous 48 hours, and the price has been declining steadily.

Cardano's price appears to have been substantially suppressed by the bears, who are now finding new bottoms close to the prior ones. Since the price fell below the critical support level of $0.385, the token appeared to be prepared to reclaim the lost level. However, due to recent events, the probability of a positive turnaround is fading.

The bulls were unable to make a comeback as the bears have successfully maintained their lead. ADA is now trading below the 20, 50, 100, and 200 EMAs. On the other side, average volume is falling, indicating that market participants may have lost interest over time. Furthermore, since falling below $0.38, the assets have been mostly stuck in a falling channel.

The one-day Cardano price analysis indicates a bearish day since the price has fallen. For the past few days, the price has been falling, and the cryptocurrency has been incurring losses. The bullish momentum has not been recovered, as a downward trend has been observed during the previous 48 hours.

Cardano's price began to fall sharply as it breached the critical $0.3800 support level. Unless it settles over $0.40, ADA might continue to fall. Cardano's price has been steadily declining in recent days after reaching far above $0.5000. The bears were successful in pushing the stock below the critical $0.4000 and $0.3800 support levels.

The drop accelerated below $0.400 and the 100 simple moving average 4-hour. Similar to bitcoin and Ethereum, a bottom was formed near the $0.3500 level, and the price began a slight upward trend. The ADA price has risen over $0.3700 and $0.3750.

The price has risen over the 23.6% Fib retracement level of the decline from the $0.4268 swing high to the $0.3490 low. However, the price did not increase further and settled below $0.3800.

According to Price Analysis, the market capitalization of this ADA is expected to be $12,253,981,686. The coin's 24-hour trading volume is roughly $436,931,325. The market capitalization of ADA has fallen by 3.19%. However, trading volume Increased by 10.36% during intraday trading. 

On the upside, an immediate barrier is located at $0.3700. On the 4-hours chart of the ADA/USD pair, two bearish trend lines have formed with resistance at $0.3700 and $0.3880. The first significant barrier is emerging at the $0.3880 level. Near $0.3880 is the 50% Fib retracement level of the bearish move from the $0.4268 swing high to the $0.3490 low. The key resistance is now forming at $0.4080 and the 4 hour 100 simple moving average. If the price breaks over the $0.4080 and $0.4200 resistance levels, it might begin a strong rise. In the indicated scenario, the price might steadily rise towards $0.4500.

Cardano's price may continue to fall if it fails to recoup above the $0.3880 and $0.400 resistance levels. On the downside, there is immediate support at $0.3500. The main support is located at $0.3400. A breach below $0.300 might signal the start of a new slide towards $0.3200. The next key level of support is at $0.3000.

KEY LEVELS :

RESISTANCE LEVEL : $0.3700-$0.3900

SUPPORT : $0.3500-$0.3350

The price of CARDANO has broken through an important support level of $0.3800. Following a low ADA price reverse, but unable to breach the $0.3800 resistance level, selling pressure was noticed once more. Will you please provide your thoughts on the ADA test $.3000?