Cardano displayed bearishness on its chart at the time of writing. Over the last 24 hours Cardano fell by 7% on its chart. Broader market also displayed bearish spell over the last few days. Bitcoin was bordering the $20,000 mark and the altcoins followed suit. ADA had over the past few days crossed past the $0.55 resistance mark but it failed to sustain itself above that price mark. The bears have exerted pressure in the market and the technical outlook has also pictured bearishness on the chart. Bullish strength has been on a halt as market movers have significantly depreciated on their respective charts. At the moment, Cardano has been trading close to the support level of $0.42. Buyers also exited the market. Continued selling pressure will drag the coin below the $0.42 level to the $0.33 price mark. A push at the present price level could cause ADA to move up slightly on the chart but that could be termed as a brief recovery. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.44 on the four hour chart. The altcoin had consistently formed lower lows on the chart depicting bearishness. Overhead resistance for the coin stood at $0.51 and the local support level at $0.42. After ADA touched at $0.52 it failed to break the resistance mark again. Over the last week, ADA encountered resistance at the same price mark. If buying strength returns, the coin could revisit the $0.48 level, however, the bears will remain stro...
