Cardano price analysis shows price exhibiting some positive signs during the day’s trade, moving up by 3 percent after falling to the lowest point since the market crash on May 12, 2022. ADA felt the bearish force of a continued sideways trend since May 18, 2022, and dropped as low as $0.44 yesterday. Current support level sits at $0.39 with the first major resistance occupying the $0.50 mark. If price is able to breach this point on the daily chart, a trend reversal may occur.
Over the past 24 hours, price jumped up to $0.47 and looks set to gain buyer valuation at this point. The 24-hour trading volume for ADA fell more than 38 percent, suggesting traders will look to break the $0.50 resistance before making further moves.
The larger cryptocurrency market recorded minor recoveries over the past 24 hours, as Bitcoin consolidated further above $29,000 with a 2 percent rise. Ethereum rose 2 percent as well, up to $1,800, while major Altcoins also rallied. Ripple moved up to $0.38 with a minor increment, whereas Dogecoin moved up to $0.08. Solana recorded a massive 7 percent jump to move as high as $44.58, while Polkadot rose 3 percent to $9.70. The Avalanche token made the biggest jump across the market with a 17 percent rise to move up to $26.36.
Cardano price analysis: Cryptocurrency heat map. Source: Coin360
Cardano price analysis: ADA market valuation rises on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a recovery following a prolonged spell on the sidelines. ADA has risen more than 4 percent over the past 24 hours and move within touching distance of the crucial 50-day exponential moving average (EMA) at $0.50. Any upward movement will be capped around this mark, and an ascent further will require greater demand from buyers. The second resistance mark sits at $0.60 and if price moves past $0.50 it could test resistance over the next 24-48 hours.
Cardano price analysis: 24-hour chart. Source: Trading View
Cardano can also be seen witnessing increased market valuation from buyers, with the 24-hour relative strength index (RSI) moving upwards at 35.45. Trading volume dropped more than 38 percent over the day’s trade, suggesting traders are looking to hold and push price past the $0.50 resistance. The moving average convergence divergence (MACD) curve is forming higher lows above the neutral zone and could diverge either way over the next 24 hours.
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