Cardano’s price analysis continues to show bearish behavior as the price fell another 5 percent in the last 24 hours. ADA has been in a downtrend since July 20, 2022, after initially rising to $0.52 to hit a monthly high on July 19. In the last 24 hours, the price has fallen below the $0.48 demand zone to rally to $0.475 and may head for a test of the support at $0.46 in the hours to come.
Prices have also dropped below their 50-day moving average of $0.4915 during the current downtrend. However, the ADA bulls are expected to stay there and await the announcement of their Vasil hard fork upgrade, which was delayed in June and scheduled for some time in July. There is hope that the ADA may come along with the forthcoming announcement in the same way that Ethereum announced its merger date with Ethereum 2.0.
The larger cryptocurrency markets have shown clear bearish signs over the past 24 hours as Bitcoin tumbled below $22,500 on a 5% decline. Ethereum is also down 6 percent to $1,500 while the leading altcoin continues to show bearish signs. Ripple was down 3% to $0.35, while Dogecoin was down 4% to $0.06. Litecoin fell to $55.65 on a 5% downtrend, while Solana and Polkadot were down 7% and 6%, respectively.
Cardano Price Analysis: RSI shows sudden spike on 24-hour chart
On the Cardano 24-hour price analysis candlestick chart, the price has been forming a rectangular pattern since July 19, when the price jumped to $0.52. Since then, the ADA has struggled to form any meaningful upward momentum and has fallen to $0.475. However, the price remains above the important 50-day exponential moving average (EMA) at $0.48 and could test resistance at $0.52.
The 24-hour Relative Strength Index (RSI) shows a sudden increase in market valuation after surging to 56.09 while daily trading volume is down more than 6%, indicating that ADA traders are currently recovering with selling. The moving average convergence curve (MACD) is also showing signs of a bullish reversal as it forms higher highs above the neutral zone. Cardano is currently trading within a horizontal range of $0.45 support and $0.52 resistance and could move in either direction in the next 24 hours.
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