Cardano price analysis is highly bearish today, as price fell down to $0.306 over the past 24 hours to put sellers in control of the market. ADA faced rejection at the $0.32 resistance on December 5, and has since been trading between $0.29 and $0.31, unable to retrace to previous high of $0.38. Once the $0.29 support is breached, bears may be looking in for a move to a new low at $0.23. Over the past 24 hours, ADA price fell more than 2 percent to put an end to an extended horizontal trend in place since December 1.
The larger cryptocurrency market stayed in the red zone since yesterday, as Bitcoin fell below the $17,000 mark, whereas Ethereum dropped 2 percent to stay just above $1,200. Among leading Altcoins, Ripple dropped 2 percent to move down to $0.38, whereas Dogecoin lowered 4 percent to settle at $0.09. Meanwhile, Solana also dropped 4 percent to reach $13.54, while Polkadot dipped 3 percent to settle at $5.28.
Cardano price analysis: 24-hour RSI falls into oversold zone on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen changing trends to move downwards over the past 24 hours, putting an end to a horizontal trend in place previously. Price has moved below the crucial moving averages, including the 9 and 21-day moving average, and the 50-day exponential moving average (EMA) at $0.315. Over the past 24 hours, ADA trading volume rose more than 43 percent, indicating dominant seller action in the market.
The 24-hour relative strength index (RSI) moved into the oversold territory at 39 today, indicating a bearish trend that could push price further downward. Key support zones remain at $0.29 and $0.20, whereas immediate resistance is set at $0.32. The moving average convergence divergence (MACD) curve continues to show residual bullish momentum above the neutral zone, but is expected to attempt a bearish divergence over the coming 24 hours.
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.
Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-12-07/