Cardano price analysis: ADA declines further to put $0.74 February-low in prospect

TL;DR Breakdown

• Cardano price analysis shows price lowered around 5 percent over 24 hours
• Price remains in tight range with sellers dominant in the market
• February low of $0.74 will become a prospect is price goes below $0.78 support

Cardano price analysis is bearish today, as price takes a fresh hit towards the start of the week. Price lowered more than 5 percent over 24 hours, with a low of $0.7886 recorded. ADA is only a shadow of the September 2021 high of $3.03 and has been declining since then. With a negative outlook, price trades in a tight zone above the $0.78 support and below $0.80 resistance. Over the past 24 hours, ADA trading volume rose more than 52 percent, while market capitalisation fell around 5 percent.

The larger cryptocurrency market showed mixed results across the board, with Bitcoin rising 2 percent up to within touching distance of $39,000, while Ethereum consolidated above the $2,500 mark. Altcoins showed mixed outlooks, with Ripple and Polkadot rising 2 percent each up to $0.73 and $16.67, respectively. Solana also gained 2 percent and Terra 3 percent, while Dogecoin fell down to $0.11 over the past 24 hours.

Cardano price analysis: Price must move past crucial 50-day EMA to find upturn

The 24-hour candlestick chart for Cardano price analysis shows price headed towards the $0.78 support, and breaching it briefly as well with sellers recovering price late in the market. Price currently sits at a distance from the crucial 50-day exponential moving average (EMA) at $0.855 and would be targeting to move above the $0.80 resistance over the coming trading sessions. Other technical indicators paint a largely bearish picture, with the 24-hour relative strength index (RSI) showing low market valuation at 36.45. The moving average convergence divergence (MACD) also shows bearish lows, and sits bellow the neutral zone crossover.

While continued pressure could push ADA price as low as $0.74 over the week’s trade, it will also potentially give rise to a fresh breakout after sustained periods of selling. In a scenario where price can maintain above the $0.78 support consistently, a push up to $0.87 is also a distinct possibility, allowing new entrants to make significant gains in prospect.

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