ADA/USD trading pair extends bearish continuation to $1.40
The past two weeks have seen a massive sell-off in the price of bitcoin cash (BCH). The cryptocurrency plunged to a low of $1,380 on September 8 and has since rebounded to $1,480 on September 9. Nevertheless, the BCH/USD pair appears to remain trapped in a bearish channel and is presently aiming for a low of $1,400.
The crypto market continues to bleed out, and nothing of note can be seen in the price action. Despite a busy week on the news front, the ADA/USD pair continued in its downtrend, extending its decline to $1.40.
Summary of the situation
The range of $1.33 to $1.58 remains even after the 8th and 9th declines. July
The Bollinger Bands on the hourly chart are narrowing, indicating little trading activity.
At the time of writing, the ADA/USD pair is trading at $1,416.
Cardano price analysis: Price Overview
Cardano’s price analysis showed that the RSI on the 24-hour chart only touched the overbought area twice, and then settled in the neutral zone. The chart shows moderate volatility with a slightly wide daily range between the intraday low of $1.3970 and the intraday high of $1.4411. For the seventh consecutive day and another weekend, Cardano is trading in the $1.33 to $1.58 range, after falling on the 8th and 9th. July was down from $1.71 to $1.411.
Meanwhile, the currency has consolidated its downward decline since July 16 and has reached $1,611. However, this strength was short-lived and the bulls struggled to defend support at $1.50 per ounce from the 16th until yesterday. Unfortunately, the bullish strength seems to have dissipated, resulting in a break below $1.50 to the $1.33-143 level. The MACD (Moving Average Convergence Divergence) has crossed downwards and has dropped below the signal line at 0.00016 on the hourly chart.
Cardano price movement in the last 24 hours
Cardano opened the 24-hour chart at $1.42 against the U.S. dollar. The bulls attempted to initiate a slight uptrend, which led to the currency settling at $1.44 before falling to a 24-hour low of $1.39. The bottom is the bottom corner of the descending triangle starting at $1.4450, and the recovery corner suggests buyers are coming in at $1.4300. Cardano’s Bollinger Bands are narrow, and there are very few instances where price hits the moving average on the 24-hour chart. The convergence of the moving average was down for most of the day, as were the RSI and six other key technical indicators.
Cardano1 hour price chart
The Bollinger Bands on the hourly chart are narrowing, indicating little trading activity. The red candles are up and the downward momentum seems to be transferred to the recent price action. Buyers need to arrive and receive support from the broader market to form an uptrend. At the time of writing, the ADA/USD trading pair is trading at $1,416 apiece. This is an opportune time for bearish investors to step in and buy for the next leg up to $1.94 and ATH to $2.14.
Cardano’s price analysis is bearish, as the bulls have failed to recover from higher lows between $1.33 and $1.44. This could lead to a continuation of the downtrend over the next 24 hours and a new low near the $1.33 level.
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