Cardano price analysis shows price embarking on a downward trend, after facing rejection at the $0.41 resistance on March 31. Since then, ADA has dropped down to the support region at $0.37, with potential to slip further downwards to $0.35. Cardano price has mostly swerved around the $0.36 mark over the past month, before accelerating up to reach the then resistance at $0.40. Over the past 24 hours, price dropped over 2 percent to settle at $0.38, with the token occupying the 7th rank in the cryptocurrency market with a market cap of $17,236,795,744.
The larger cryptocurrency market shows major cryptos incurring minor downtrends, or keeping at yesterday’s prices. Bitcoin fell below $28,500 with a slight dip, while Ethereum also moved down to $1,800. Among leading Altcoins, Ripple rose by 2 percent to move up to $0.52, while Dogecoin upped 2 percent itself to move up to $0.08. Meanwhile, Polkadot also moved up 2 percent to reach as high as $6.35.
Cardano price analysis: ADA heads into a descending triangle pattern on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen heading into a descending triangle pattern after falling from the $0.40 price point yesterday. With further decline expected from the current price, ADA continues to sit well above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.375.
The 24-hour relative strength index (RSI) can be seen making a steep downturn from the 62 mark. Currently at 56, the RSI continues to show decent market valuation for ADA, however a further decline cannot be discarded. Cardano lost more than 27 percent in trading volume over the past 24 hours, indicative of seller domination in place. Meanwhile, the moving average convergence divergence (MACD) curve also shows the trend line sitting above the signal line, with the current trend yet to reflect there.
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