Cardano price analysis shows a declining price pattern in place, after the token slipped 2 percent from the $0.366 high yesterday to settle at $0.359. Today’s decline adds to the existing back and forth trend where ADA has been trading around a narrow range between $0.35-36. In a larger view, Cardano price has been in decline since early February, slipping from $0.42 to the current point. Support continues to sit at $0.34, with the token occupying the 8th rank in the market with a market cap of $12,450,530,848.
The larger cryptocurrency market showed mixed returns over today’s trade, with Bitcoin declining to $21,500 with a 2 percent drop, and Ethereum moving 2 percent down to $1,500. Among leading Altcoins, Ripple dropped 1 percent to $0.38, with Dogecoin slipping down to $0.08. Meanwhile, Polkadot dropped to $6.24 with a 1 percent decrement, and Solana slipped 5 percent to $20.32.
Cardano price analysis: RSI slips into oversold zone on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen trading between a narrow zone of $0.35-36 over the past week, and recording another minor decline over the past 24 hours within this range. Price remains below the 9 and 21-day moving averages, and the crucial 50-day exponential moving average (EMA) at $0.3668.
The 24-hour relative strength index (RSI) can be seen dipping into the oversold zone into the early 30’s, indicating the bearish strength in the market for ADA. With the RSI sitting as low as the current level, price is expected to brace for a breakout soon. The moving average convergence divergence (MACD) also shows a bearish divergence, whereas trading volume fell more than 16 percent today, indicating further stagnancy in the market.
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