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TL;DR Breakdown
- Cardano price analysis shows continued downward price action
- Price reached as low as $0.88 over last 24 hours
- Trading volume down 44 percent to suggest market stagnancy
Cardano price analysis continues to show bearish signs on today’s trade, as price moved as low as $0.88 during the day’s trade. Over the past 3 days, Cardano price has declined more than 9 percent and shows bearish signs for the coming trade sessions. ADA trading volume fell more than 44 percent over the last 24 hours, while market capitalisation grew slightly. Cardano has been subject to downward price action since April 11, and faced multiple rejections around $0.98. Over the next 24 hours, buyers could come into the market at discounted price if ADA declines further towards support at $0.85.
The larger cryptocurrency market continued to bleed over the past 24 hours as well, led by Bitcoin’s demise down to $39,500. Ethereum stayed below the $3,000 mark as well with a minor decline, while major Altcoins showed similar bearish behaviour. Ripple moved down to $0.70, Dogecoin to $0.13 and Litecoin to $105.56. Meanwhile, Terra dropped 4 percent down to $90.30, whereas Solana and Polkadot rose 1 percent each up to $100.82, $18.87, respectively.
Meanwhile, the Moving Average Convergence Divergence (MACD) curve shows a continued bearish divergence below the neutral zone, as ADA sets bearish highs at current trend. Over the next 24 hours, price action is expected to pick up as buyers come in at discounted price before ADA hits support at $0.85. However, movement below the support zone could invalidate the bullish sentiment.
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.