Cardano price analysis continues to show bearish behaviour as price slipped further 5 percent over the past 24 hours. ADA has been in declining trend since July 20, 2022, after initially rising up to $0.52 to record a month-long high on July 19. Over the past 24 hours, price succumbed below the demand zone at $0.48 to move as low as $0.475 and could be headed to test support at $0.46 in the coming hours.
Price has also slipped below the 50-day moving average at $0.4915 over the current downtrend. However, ADA bulls are expected to hold and will be looking towards the announcement for its Vasil hard fork upgrade which was delayed in June and is scheduled for some time in July. There is hope that ADA can rally with the coming announcement the same way as Ethereum did upon the announcement of a date for its merge to Ethereum 2.0.
The larger cryptocurrency market showed significantly bearish signs over the past 24 hours, as Bitcoin collapsed below $22,500 with a 5 percent decline. Ethereum also dropped down to $1,500, lowering 6 percent, while leading Altcoins also continued to show bearish signs. Ripple dropped down to $0.35 with a 3 percent decrement, whereas Dogecoin dropped 4 percent to $0.06. Litecoin receded down to $55.65 with a 5 percent downtrend, meanwhile Solana and Polkadot dropped 7 and 6 percent, respectively.
Cardano price analysis: RSI shows sudden spike on 24-hour chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a rectangular pattern since July 19 when price went up to $0.52. Since then, ADA has struggled to form meaningful momentum upwards and has fallen as low as $0.475. However, price still remains above the crucial 50-day exponential moving average (EMA) at $0.48 and could yet test resistance at $0.52.
The 24-hour relative strength index (RSI) is showing a sudden surge in market valuation after jumping up to 56.09, while daily trading volume dropped more than 6 percent to suggest that ADA traders are currently holding off from selling. The moving average convergence divergence (MACD) curve is also showing signs of a bullish turnaround as it forms higher highs above the neutral zone. Cardano currently trades within the horizontal range of support at $0.45 and resistance at $0.52 and could move either way over the next 24 hours.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-07-23/