Cardano price analysis is still bearish in majority, although price fought back to rise up to $0.51 with a 3 percent increment on daily price action. Earlier in the day, ADA had fallen down to $0.48 with bears in control of the market. This was followed from an earlier uptrend that took Cardano price up to the $0.55 resistance on July 30, 2022. However, ADA price could not hold that high point and crashed down over the coming days to settle around the 9-day moving average above $0.50. Price could still move towards the lower support points at $0.45 and $0.40 as further sell offs are expected due to another delay in Cardano’s anticipated Vasil hard fork.
The larger cryptocurrency market showed positive signs with major cryptos recording upward movements over the past 24 hours. Bitcoin rose up to $23,500 with a 2 percent uptrend, while Ethereum pushed up to $1,700 in pursuit of the $2,000 mark. Ripple recorded a minor increment to settle at $0.37, whereas Dogecoin also rose up to $0.06. Solana and Polkadot showed contrasting trends, as the former dropped 2 percent to move down to $40.26, while the latter rose 6 percent to move up to $8.37.
Cardano price analysis: RSI shows strong market valuation for ADA despite price cutback
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming what could be a descending triangle pattern. ADA price started to lower on July 31, 2022, after forming an ascent up to the $0.55 resistance. Since then, price movement has mostly been bearish for ADA, however the current trend could go either way. Price currently remains just above the crucial 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $0.50. Support at this point would be crucial to determine ADA price action and any movement below $0.48 could trigger an extended downtrend.
The 24-hour relative strength index (RSI) can still be seen showing strong market valuation for ADA at 54.69, lowering just beneath the overbought zone. Trading volume witnesses a 20 percent crash over the past 24 hours, suggesting traders are willing to wait out the initial bearish behaviour currently. Meanwhile, the moving average convergence divergence (MACD) curve can be seen close to be attempting a bearish divergence along the neutral zone.
Cardano price analysis shows that ADA has generally held support well during the initial bearish trend, hence it can be expected that price could balloon up to $0.60 as buyers come in. However bears could still become active again at $0.607 with price moving no greater than resistance at $0.65.
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