Cardano price analysis continues to show a downtrend in place, as price dipped around 2 percent over the past 24 hours to move down to $0.3950. While a high of $0.4157 was also achieved, ADA can be continually seen showing high volatility over the current trend. Price has been in continual decline since April 15, from a high of $0.46. Since then, the token has either trended downwards or sideways. ADA trading volume was up more than 40 percent over the past 24 hours, contributing to the added volatility for the token in the market.
The larger cryptocurrency market also stayed in the red zone across the board, with Bitcoin dropping to $29,400, and Ethereum continuing below the $2,000 mark. Among leading Altcoins, Ripple declined to $0.47 with a 2 percent downtrend, with Dogecoin and Polkadot also dropping 2 percent each to $0.08 and $5.93, respectively.
Cardano price analysis: Negative technical indicators suggest downtrend to continue
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a newly found descending triangle pattern around the $0.40 mark. With support at $0.38, price has been seen hovering with great volatility around this point. Today’s trend took price just above the 50-day exponential moving average (EMA) at $0.4015, while price still remains below the 9 and 21-day moving averages.
The 24-hour relative strength index (RSI) took a slight dip to move down to 49, showing decreasing market valuation for ADA as the downward trend picks up strength. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place with the trend line continuing below the signal line.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
