Cardano price analysis shows a bearish sight for the fourth consecutive day, as price receded a further 6 percent over the past 24 hours to move as low as $0.3230. Earlier, ADA had enjoyed a bullish start to the year after jumping from $0.24 on January 1 to move up to $0.37 by January 14. This 54 percent uptrend was then followed by a swift price correction on January 15, as short-term traders took out profits and caused greater volatility in the market. At the time of writing, ADA price is set at $0.3297, but could move as low as $0.24 if the current downtrend continues.
The larger cryptocurrency market fell into a bloodbath over the past 24 hours, as all major cryptos showed declines. Bitcoin dropped to $20,700 with a 2 percent drop, while Ethereum lowered 3 percent to move down to $1,500. Among leading Altcoins, Ripple dropped 3 percent as well, lowering down to $0.379, whereas Dogecoin receded down to $0.08 after putting its bull run to rest. Meanwhile, Polkadot slipped 6 percent to $5.69 and Solana dropped 10 percent to pull down to $21.0.
Cardano price analysis: ADA falls below moving averages on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen moving along a descending trend since January 15. In highly volatile daily candlesticks where seller dominance is apparent, ADA price has dipped as low as $0.3226 and moved below both the 9 and 21-day moving averages, and the important 50-day exponential moving average (EMA) at $0.3324.
The 24-hour relative strength index (RSI) can be seen taking a significant dip over the past 48 hours after having moved up to 78.84 in what can be classified as deep overbought territory. With the current price correction in place, the RSI has shipped down to 69.25 and is expected to collapse further. Meanwhile, the moving average convergence divergence (MACD) curve still depicts some bullish momentum for ADA, as trading volume picked up around 65 percent over the past 24 hours.
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