- Cardano price analysis shows rectangular pattern on daily chart
- Price down after failing to breach $0.97 resistance on successive 24-hour trading sessions
- Trading volume down more than 10 percent over the day’s trade
Cardano price analysis is bearish today, after another failed attempt to cross the $0.97 resistance. ADA has been in pursuit of the $1 mark since the April 11 decline that put price down from $1.03 to $0.91. ADA has been unable to find bullish momentum to rise above the current demand zone which has stagnated price within a close corridor of $0.94-$0.95. Over the past 24 hours, ADA price faced a minor decrement to move low as $0.94, while trading volume fell more than 10 percent.
The larger cryptocurrency market showed slight increments over the day’s trade, as Bitcoin consolidated near $40,500. Ethereum stayed above $3,000 with a 1 percent rise, along with major Altcoins showing upward movements. Ripple and Terra rose 1 percent each to move up to $0.77 and $81.34, while Dogecoin dropped to $0.14 with a minor decline. Solana and Polkadot also rose slightly to reach $102.27 and $18.57, respectively.
Cardano price analysis: Rectangular pattern forms on 24-hour chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a rectangular pattern where price is stuck in a narrow range. ADA faced rejection at $0.97 resistance and currently sits within the demand zone below $0.95 with support set at $0.91. The current trend is expected to face pressure near the 50-day exponential moving average (EMA) at $0.979 if buyers can consolidate upwards. The relative strength index (RSI) also shows stagnancy forming a straight line at 43.34. Moreover, the moving average convergence divergence (MACD) currently sits below the neutral zone to form bearish divergence which is set to continue over the next 24 hours.
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