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Cardano price analysis is highly bearish today, as price continues to slide down to follow an extended decline in place currently. ADA has dropped more than 22 percent over the past 3 days, with 13 percent of the downtrend coming over the past 24 hours. Earlier in the month, Cardano had hit heights at the $0.55 resistance and looked set to extend up to the $0.67-$0.69 zone. However, failure to hold above this point caused bears to come into the market and initiate a significant decline. ADA price currently trades at $0.4605, with prospects of lowering down to $0.45 support looming large on daily price action.
The larger cryptocurrency market followed Cardano’s downtrend across the board as all major cryptocurrencies declined heavily over the past 24 hours. Bitcoin lowered down to $21,000 with a 9 percent decrement, while Ethereum shed 10 percent in price to move down to $1,700. Among leading Altcoins, Ripple dropped 10 percent as well to move down to $0.34, while Dogecoin receded 11 percent to move down to $0.06. Meanwhile, Solana shipped 10 percent in price to move down to $36.84, whereas Polkadot declined 11 percent to move as low as $7.46.
On the 24-hour candlestick chart for Cardano price analysis, price can be seen deteriorating further after forming a distinct descending triangular pattern over the daily price action. ADA price slid below the support at 21-day moving average at $0.5250 and the 50DMA at $0.4950 over the past two trading sessions. Recent sell-offs have provided a major setback to bulls’ target of the $0.67-69 zone set around August 16, 2022 when price crossed the $0.55 resistance.
Price also fell further below the crucial 50-day exponential moving average (EMA) at $0.5209 over the past 24 hours and remains on course to downtrend further to as low as $0.40 over the next 24-48 hours. Among other technical indicators, the 24-hour relative strength index (RSI) faced a severe blow as it declined down to 37.55, indicating low market valuation for ADA. Trading volume jumped a massive 125 percent, indicating major transactions to be selling over today’s trade. Meanwhile, the moving average convergence divergence (MACD) curve can also be seen forming lower lows to hold the bearish divergence as price looks set to tumble into the $0.40 region instead of highs at $0.67-69.
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