- Cardano price sees continued downtrends, eyeing further downside.
- ADA encountered several rejections near $0.55 within the past week.
- The altcoin remains primed for a significant drop before buyers resurge.
Cardano price shows continued bearish tendencies today as the alternative token stayed in an extended horizontal pessimistic trend near $0.53. ADA hasn’t moved past $0.55 since losing 12% on 18 May.
Cardano exhibited sideways actions within a range in the past day, oscillating between the $0.53 high and the lows of $0.50trading volume noted a 25% decline, solidifying the bearish outlook. Moreover, current conditions indicate an inevitable downswing towards the support of $0.35 before buyers rejoin the market.
The king crypto presented mixed signs, with slight decreases plus brief upswings. Bitcoin touched the $30K level before a plunge to sub-28K. Also, the second-largest crypto, Ethereum, saw a substantial decline as ETH lost the $1,900 mark.
While publishing this content, Ether traded at $1,814. Bearish conditions by the leading cryptos left the altcoin market in turmoil. AVAX suffered most in the large-cap assets, dropping more than 12% within a day to $24.17. ADA will likely plunge to its bearish targets amidst such a market atmosphere.
Cardano 24Hr Timeframe
The 24-hour candle chart shows ADA stretching the bearish rectangular pattern that appeared on 19 May 2022. The alternative token encountered several rejections near $0.55 and could not provoke substantial upticks. Daily technical indicators show the alt ready to stretch current trends, with the price staying beneath the critical 50-day EMA at $0.53.
The daily Relative Strength Index reveals a plunging market valuation at the 36.26 oversold regions, stagnating within the previous three days. Moreover, the trading volume lost 26% within the past day, affirming persistent bearishness.
That shows ADA can keep plunging in the upcoming trading sessions. Also, the Moving Average Convergence Divergence forms higher lows and might diverge beneath the neutral region within the coming 1-2 days.
These bearish indications affirm ADA’s inevitable fall towards the $0.35 support before catalyzing steady uptrends. Meanwhile, breaking the $0.55 hurdle would see ADA exploring the resistance at $0.61, canceling the bearish outlook.
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