Cardano price analysis remains bearish, as price struggles to move out of a persistent downtrend that has caused a decline worth more than 20 percent in the past week. Over the past 24 hours, ADA price showed some form of recovery, as price settled around support at $0.45. However, the larger market sentiment remains bearish and a further drop down to $0.40 is still likely. Earlier in the week, Cardano broke an uptrend that had been supporting price action since mid-July. With this drop, selling action has caused price to drop as low as $0.43 on the daily chart, with market cap falling to $15.7 billion.
The larger cryptocurrency market showed some form of consolidation after a bearish past few days, as Bitcoin revived up to $21,500 with minor increment and Ethereum pushed up to $1,600. Among leading Altcoins, Ripple rose 1 percent to move up to $0.34, whereas Dogecoin jumped up to $0.07. Meanwhile, Solana posted a 2 percent increment to move up to $36.47, while Polkadot moved up to $7.39.
Cardano price analysis: ADA stays well below moving averages on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen forming a slight recovery over the past 24 hours to apparently put an end to the descending pattern in place. However, ADA price continues to stay well below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.4976.
The 24-hour relative strength index (RSI) also shows a slight recovery from lows of 35.99 on Friday, to recover up to 40.34 currently. Meanwhile, trading volume over the past 24 hours dropped almost 14 percent, showing positive signs for price recovery as selling action lowered. In addition, the moving average convergence divergence (MACD) curve continues to withstand below the neutral zone and can be seen forming lower highs at current trend to indicate further bearish dominance.