Cardano has been following descending pattern as the price continues to decline from its highs and is currently moving at the support zone with the market price of $0.423. The ADA token has been revolving at the horizontal range-bound area of $0.672 and $0.388. The ADA token shows consolidated momentum on the daily chart, as the candles show remote price movement.
The Cardano price moving in the descending channel shows a constant downfall, and once the price closes below the support line of $0.388, it may continue to fall towards the bottom horizontal line. The bulls need to show positive sentiments with immense buying pressure for the recovery phase. Check out the Cardano prediction to get a better view of the token’s performance in the coming years.
ADA Faces Bearish Pressure, Sideways Move Likely
The RSI had entered the oversold zone a few days back, and recently the indicator being at 38 showcases the downtrend momentum of the token. The Bollinger Bands are close to each other, indicating low price flow. ADA price has been less volatile these days and the price moving sideways shows indecision between the investors.
The volume bar has been favorable towards the bears. On July 12, the ADA price was reduced marginally. The coin needs to attract more buyers for a breakout and an up move; otherwise, the token may continue to move sideways, or the bears may trail the price down.
On the weekly chart, the forming candle is closing below the last 2 weeks’ low, thus indicating a further price decline. The indicators already being in the bearish zone gives a neutral signal. As the bearish candle is continuously reducing, it may reach its support line of $0.388, from where the price may turn around or deteriorate further.
