Cardano price analysis: ADA fails to withstand pressure to remain in sideways trend around $0.45
Cardano price analysis is bearish once again over daily price action, as price continues to trend sideways below the $0.47 price point. ADA has remained in an extended decline since August 17, 2022 and struggled to break out of a narrow range of $0.43-46. Price rose up to $0.4691 over the past 24 hours, recording a 0.2 percent rise, with market cap also moving up to $15.7 billion. ADA sits at $0.467 at the time of writing and remains just above support at $0.4599.
The larger cryptocurrency market showed mixed outcomes over the past 24 hours, as Bitcoin dropped down to $21,600 with a 0.5 percent downtrend. Ethereum rose up to $1,700, moving up by 1.5 percent. Meanwhile, among leading Altcoins, Ripple rose up to $0.46 with a 0.5 percent uptrend, whereas Dogecoin dropped down to $0.06. Solana also showed reds, dropping 1 percent to $35.76, while Polkadot declined 2 percent to $7.59.
Cardano price analysis: 50EMA lowers to meet current price on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen continuing along a sideways trend to indicate stagnancy within the current trend for ADA. Cardano has failed to break out past $0.47 over recent price action and trades just above the $0.4599 support with a decent chance for a further drop. Price maintains below the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) which has almost dropped to meet the current price point at $0.4743.
The 24-hour relative strength index (RSI) can be seen to show increasing market valuation at around 44 for ADA, which shows some positive momentum in the market for ADA. However, trading volume over the past 24 hours remained almost the same. The moving average convergence divergence (MACD) curve continues to show highly bearish signs in a bearish divergence. Largely, ADA bulls are unable to restore price above $0.50 on the daily chart and while a return to $0.40 is likely, continued consolidation between $0.46 and $0.47 is a more probably price action.
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