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Cardano price analysis: ADA stabilises around $0.45 support after 20 percent weekly drop

cardano price analysis
TL;DR Breakdown
  • Cardano price showed a minor uptrend to move up to $0.46
  • Price stabilised around $0.45 support after lowering 12 percent over the weekend
  • ADA still risks further decline towards $0.40

Cardano price analysis remains bearish, as price struggles to move out of a persistent downtrend that has caused a decline worth more than 20 percent in the past week. Over the past 24 hours, ADA price showed some form of recovery, as price settled around support at $0.45. However, the larger market sentiment remains bearish and a further drop down to $0.40 is still likely. Earlier in the week, Cardano broke an uptrend that had been supporting price action since mid-July. With this drop, selling action has caused price to drop as low as $0.43 on the daily chart, with market cap falling to $15.7 billion.

The larger cryptocurrency market showed some form of consolidation after a bearish past few days, as Bitcoin revived up to $21,500 with minor increment and Ethereum pushed up to $1,600. Among leading Altcoins, Ripple rose 1 percent to move up to $0.34, whereas Dogecoin jumped up to $0.07. Meanwhile, Solana posted a 2 percent increment to move up to $36.47, while Polkadot moved up to $7.39.

Screenshot 2022 08 21 at 10.32.13 PM
Cardano price analysis: Cryptocurrency heat map. Source: Coin360

Cardano price analysis: ADA stays well below moving averages on daily chart

On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a slight recovery over the past 24 hours to apparently put an end to the descending pattern in place. However, ADA price continues to stay well below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.4976.

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Cardano price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) also shows a slight recovery from lows of 35.99 on Friday, to recover up to 40.34 currently. Meanwhile, trading volume over the past 24 hours dropped almost 14 percent, showing positive signs for price recovery as selling action lowered. In addition, the moving average convergence divergence (MACD) curve continues to withstand below the neutral zone and can be seen forming lower highs at current trend to indicate further bearish dominance.

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.

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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