Cardano price analysis is bearish today, as price dropped around 4 percent over the past 24 hours to move as low as $0.493. Price has fallen into a descending triangle pattern since the start of August, and the trend seems to be going sideways at current sight with price stagnating around the $0.50 mark. Market has turned bearish for ADA due to the persistent delays in is much anticipated Vasil hard fork. Bulls would be targeting a bullish rally up to $0.72 once the hard fork takes place and will boost price up to the $0.55 resistance immediately.
The larger cryptocurrency market also turned bearish over the past 24 hours, as Bitcoin collapsed down to $22,500 with a 4 percent decline. Ethereum also dropped down to $1,500 with a 4 percent decrement, while major Altcoins showed similar downtrends. Ripple receded down to $0.36 with a 2 percent dip, whereas Dogecoin moved down to $0.06. Solana and Polkadot suffered declines worth 4 percent each, to settle down to $38.43 and $7.97, respectively.
Cardano price analysis: ADA stays on course with moving averages on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a horizontal pattern along the $0.50 mark, indicating stagnation in trading volume. The current trend is starting to take shape after a bull run at the end of July 2022, that took ADA price up to $0.55. Price stays in touch with the 9 and 21-day moving averages, and the crucial 50-day exponential moving average (EMA) at $0.5032.
The $0.50 support zone is crucial for Cardano price currently and any movement below it could signal a deeper bearish pattern to emerge. The 24-hour relative strength index (RSI) currently sits above 50, indicating healthy market valuation for ADA. However, the RSI has lowered over the past 24 hours, which is also reminiscent in the 7 percent dip in trading volume for Cardano. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place, while it forms lower highs around the neutral zone.
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