Cardano’s price analysis continues to show bearish signs in today’s trade as the price moved as low as $0.88 in daily trading. Over the past 3 days, the price of Cardano has fallen by more than 9 percent, showing bearish signs for the upcoming trading session.
ADA’s trading volume is down more than 44 percent over the past 24 hours, while the market cap is up slightly. Cardano has been in a downtrend since April 11, facing a lot of resistance around $0.98. In the next 24 hours, buyers may enter the market at lower prices if ADA cuts additional support to $0.85.
The larger cryptocurrency markets have continued to bleed over the past 24 hours, driven by Bitcoin‘s drop to $39,500, Ethereum also holding below $3,000 with a slight pullback, while the major altcoins are showing similar bearish behavior.
Ripple fell to $0.70, Dogecoin to $0.13, and Litecoin to $105.56. Meanwhile, Terra fell 4 percent to $90.30, while Solana and Polkadot were up 1 percent to $100.82 and $18.87, respectively.
Cardano Price Analysis: A descending triangle pattern appears on the daily chart
On Cardano’s 24-hour candlestick chart for price analysis, price is seen as a long consecutive trading session in decline as the trend shifts to April 20th. ADA moved from the current resistance of $0.97 to a low of $0.88, its lowest in a month.
The important 50-day exponential moving average (EMA) is at $0.92, which is the next pressure point for ADA as buyers consolidate prices higher. The Relative Strength Index (RSI) shows a low market value at 38.65, which could remain flat.
Meanwhile, the moving average convergence curve (MACD) shows a sustained downward divergence below the neutral zone as the ADA identified a bearish spike in the current trend. Over the next 24 hours, price action is expected to intensify as buyers come in lower prices ahead of ADA reaching the $0.85 support. However, a move below the support area could weaken the bullish sentiment.