Cardano price analysis shows continuation of a bearish trend set since May 6, as price dropped another 3 percent to move as low as $0.3492 over the past 24 hours. ADA has declined more than 6 percent over the past week, beginning from a high of $0.395. The next resistance point remains at the $0.40 mark, with support set at $0.312 at current trend. The token trades at $0.358 at the time of writing, but could lower down to support over the coming 24 hours. As the bearish trend continues, ADA trading volume decreased more than 26 percent over the past 24 hours, with market cap falling to $12,487,722,173.
The larger cryptocurrency market remained bearish in a similar fashion to ADA, with Bitcoin dropping another 2 percent to move down to $27,000, and Ethereum falling below $1,800 with a 2 percent decline of its own. Among leading Altcoins, Ripple receded 2 percent as well, moving down to $0.42, whereas Dogecoin and Polkadot dropped 3 percent to $0.07, and $5.82, respectively.
Cardano price analysis: RSI remains into the oversold zone on 24-hour view
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a distinct descending pattern since the start of May, when price was at its monthly high at $0.40. Since then, with great volatility and a series of sideways spells, ADA has only managed to recover as high as $0.39 on May 6, which was again met with rejection at the $0.40 resistance. Price currently sits below its 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $0.37.
The 24-hour relative strength index can be seen continually trending downwards since the dip from 67.62 on April 18. Since then, the RSI value has declined into the oversold positions, showing low market valuation for ADA. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place, with the trend line continually trending 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 decisions.
