Cardano price analysis continues to stay bearish and not out of danger to fall down to second support at $0.40 on the daily chart. ADA rose up to $0.4693 over the past 24 to record a gradual uptrend and consolidates above $0.45. However, bears remain in control of an oversold trend for Cardano and price is expected to stagnate further around the $0.43-$0.46 zone. ADA bulls will need reenforcement from the larger cryptocurrency market to sustain up to the breakout point at $0.52 that will break the sideways trend.
The larger cryptocurrency market steadied further, following from yesterday’s upward trend across the board. Bitcoin moved up to $21,700 to remain in pursuit of the $22,000 mark, whereas Ethereum moved up to $1,700 with a 2 percent increment. Among leading Altcoins, Ripple consolidated up to $0.46, while Dogecoin made a minor increment to reach $0.07. Meanwhile, Solana consolidated 1 percent to move as high as $35.90, and Polkadot also recorded a 1 percent increment to reach up to $7.68.
Cardano price analysis: ADA reaches level 40 RSI on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen struggling to recover from a 22 percent decline that initiated on August 17, and remains in sideways movement since August 20, 2022. In this period, ADA price has been largely stuck within a narrow range from $0.43-$0.46 with bears dominating the market. Price has also remained below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.4765.
Although ADA has levelled a gradual uptrend to reach $0.47, it remains below the 20 percent area of the daily stochastic. The 24-hour relative strength index (RSI) reached up to 40 over the past 24 hours, but remains in severely oversold trend. Trading volume over the past 24 hours also declined 13 percent to justify the sideways trend in price. Meanwhile, the moving average convergence divergence (MACD) curve can be seen deepening along the bearish divergence. Key resistance points sit at $0.52 and $0.60, whereas support could be found at $0.40 and then $0.30 for Cardano price analysis.
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