Cardano price analysis: ADA falls flat to decline below $0.55 support

cardano price analysis
TL;DR Breakdown
  • Cardano price dropped 4 percent over past 24 hours
  • ADA fell below $0.55 support to spark some uncertainty over price
  • Price remains in technical uptrend and could cross $0.60 over current trend

Cardano price analysis shows signs of bearish pressure coming into the market on the 24-hour price action, as price fell 4 percent to move as low as $0.5320. ADA fell below previous support at $0.55 after yesterday’s price action showed strong indication of a continuation of the current uptrend. While today’s price action saw ADA fall flat, price currently remains in technical uptrend and could break above the next resistance point at $0.60 soon. This will be greatly dependent on the release of the key US Retail Sales data for July, which if not disruptive could provide an upturn in sentiment for Cardano and push price upwards to $0.67-$0.69.

The larger cryptocurrency market remained largely in the hands of bears over the past 24 hours, as Bitcoin fell down to $23,500 and Ethereum moved below the $2,000 mark to settle at $1,800. Among leading Altcoins, Ripple showed some consolidation to move up to $0.37, whereas Dogecoin crashed 2 percent down to $0.082. Meanwhile, Solana dropped more than 3 percent to move as low as $41.6 and Polkadot declined down to $8.5 following a 3 percent downtrend.

Screenshot 2022 08 17 at 11.55.57 PM
Cardano price analysis: Cryptocurrency heat map. Source: Coin360

Cardano price analysis: Price falls below 50EMA on 24-hour chart

On the 24-hour candlestick chart for Cardano price analysis, price can be seen turning bearish once again after recovery yesterday to move back above $0.55. ADA lowered down to $0.53 over the past 24 hours with greater volatility coming into the market. Price breached the 9 and 21 day moving averages, along with the crucial 50-day exponential moving average (EMA) for the first time since initially crossing the then resistance at $0.55.

ADAUSDT 2022 08 18 04 53 36
Cardano price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) also shows a downward trend for ADA market valuation, as it slipped from over 60 to move down to 53.45 today. Meanwhile trading volume went up by 35 percent over the past 24 hours, suggesting major price action was with sellers. Meanwhile, the moving average convergence divergence (MACD) curve is shaping to form a bearish divergence for the first time since August 14, 2022. If price breaks below $0.53 over the daily chart, it could quickly tumble further down to test the 50DMA at $0.50, which would open the door for a potential return to $0.40.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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