Cardano price analysis shows price falling into an extended sideways pattern, that initiated on November 24 after the initial decline to the $0.31 mark a week earlier. Since then, ADA has failed to manufacture a bullish breakout above the $0.30 support, settling mostly around the zone to remain bearish. ADA has remained in a long-term downtrend compared to price from earlier this year, but remains around 8 percent better than November lows. If price remains locked around the current horizontal pattern, new lows below the $0.30 support could come in play over the coming trading sessions.
The larger cryptocurrency market showed reds across the board over the past 24 hours, as major cryptocurrencies fell into minor declines. Bitcoin dropped just below the $17,000 mark, whereas Ethereum lost 1 percent in pursuit of the $1,300 mark. Among leading Altcoins, Ripple dropped to $0.38, whereas Dogecoin dropped 2 percent to move down to $0.10. Meanwhile, Solana gained 2 percent to settle at $13.92, while Polkadot remained at $5.49.
Cardano price analysis: ADA moves below 21-day moving average on 24-hour chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a horizontal pattern around the $0.31 support, with further downward action expected if the pertinent trend continues. Price has fallen below the 21-day moving average over the past 24 hours, while the 50-day exponential moving average (EMA) remains just afloat the current price at $0.317.
The 24-hour relative strength index (RSI) can be seen dropping off over the past 24 hours to head towards the oversold zone around the 40 mark. The minor price decrement over the past 24 hours was coupled with a 17 percent rise in trading volume, indicating bearish price action. Meanwhile, the moving average convergence divergence (MACD) curve shows an expected bearish divergence over the next 24 hours but is currently above the neutral zone.
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