Cardano price analysis shows price entering the red zone once again after it was felt that the market crash initiated on May 9 2022 would be over. ADA price fell just over 10 percent during the day’s trade, dropping as low as $0.52. The sudden retracement came as a result of traders becoming increasingly skeptical in the market after facing a significant crash over the past week. Profits were taken out of the ADA market as soon as price hit the demand zone at $0.58, leaving a 44 percent drop in trading volume today. Over the next 24 hours, ADA price will need to hold on above $0.50 to maintain prospects of a trend reversal.
The larger cryptocurrency market continued to struggle, as Bitcoin lost another 2 percent to stay below $29,500. Ethereum also dropped 2 percent to stay just above the $2,000 mark. Among leading Altcoins, Ripple declined 5 percent to $0.42 and Dogecoin 4 percent to $0.089. Solana price also dropped slightly, while Polkadot posted a minor uptrend to take price up to $10.69. Meanwhile, Tron rose 3 percent to consolidate up to $0.07.
Cardano price analysis: Price continues to oscillate below 9 and 21 day moving averages
On the 24-hour candlestick chart for Cardano price analysis, price can be seen continuing to follow a deeper descending triangle with the exception of yesterday’s uptrend. However, an evening star pattern formed over the past 24 hours to signal a change in trend and price fell further south. After a 10 percent decline today, price is set below the 9 and 21 day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.60. If price can raise above these levels, not only will the first resistance point at $0.61 be realised but a further 20 percent upturn could be on the cards.
The 24-hour relative strength index (RSI), however presents a bearish outlook, stying in the oversold region at 30.21 and indicating low market valuation for ADA. The trend combined with a 44 percent drop in trading volume spells a continuation of the bearish trend for Cardano. In addition, the moving average convergence divergence (MACD) curve represents further bearish divergence below the neutral zone, forming higher lows. Overall, ADA price analysis shows bearish outlook for the next 24 hours. However, the bearish sentiment may be broken if buyers can escalate price up to $0.61 resistance.
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