Cardano price analysis: ADA continues decline after drop from $0.40
Cardano price analysis continues to show the downtrend in place currently, as price dropped another 4 percent over the past 24 hours to move as low as $0.37. ADA price has been in decline since February 21, when price faced a rejection around the $0.40 resistance point. The next support zone for Cardano sits at the $0.35 mark, which could be the low point price could hit over the coming 24 hours. Cardano market capitalisation dropped 3 percent over the past 24 hours to $12,941,389,361.
The larger cryptocurrency market showed similar signs over the past 24 hours, as major cryptocurrencies remained in decline. Bitcoin and Ethereum lowered 2 and 3 percent, respectively, to move down to $23,400 and $1,600. Whereas among leading Altcoins, Ripple dropped 2 percent to $0.38, and Dogecoin 3 percent to $0.08. Meanwhile, Polkadot lowered 6 percent to $6.75, and Solana 3 percent to $23.13.
Cardano price analysis: Latest dip moves ADA below moving averages on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming what can be termed as a descending triangle since the past week. Successive bearish candlesticks show seller domination, after price went up to a month-long high at $0.41 earlier in the month. With the latest decline in place, ADA price can be observed moving below the 9 and 21-day moving averages, and the 50-day exponential moving average (EMA) at $0.387.
The 24-hour relative strength index (RSI) can be seen declining from a healthy market valuation point into the oversold zone around the 40’s. This shows lowering market interest in ADA as buyers wait for the decline to settle before buying in. The moving average convergence divergence (MACD) curve has also developed a bearish divergence over the past 24-48 hours, lowering below the trend line. ADA will look to hold the $0.35 support zone over the next 24 hours, any movement below this point would invalidate a potential bullish thesis.
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