TL;DR Breakdown
. Price struggles to test first resistance at $0.40
. ADA RSI settled in oversold zone
Cardano price analysis shows its bearish run extending in a sideways trend, as price dropped as low as $0.35 over the past 24 hours. ADA price has remained in downtrend since May 6, when it last hit the $0.40 resistance point. Since then, in a series of downward and horizontal movement, price has remained well below the first resistance point. The ‘Ethereum killer’ continues its sideways movement on the daily chart, with trading volume dropping 9 percent over the past 24 hours, and market capitalisation dipping to $16,243,863,162.
The larger cryptocurrency market showed downtrending reds across the board, with Bitcoin dropping below the $27,000 mark with a minor decrement, and Ethereum falling back to $1,800. Among leading Altcoins, Ripple lost 2 percent in moving down to $0.45, whereas Dogecoin and Polkadot also dropped 2 percent each, to move down to $0.07, and $5.30, respectively.
.40 demand zone" src="https://en.bitbili.com/wp-content/uploads/2023/05/frc-3d463303820f57e604904a7a65122dbc.jpg">
.40 demand zone" src="https://en.bitbili.com/wp-content/themes/justnews/themer/assets/images/lazy.png" data-original="https://en.bitbili.com/wp-content/uploads/2023/05/frc-3d463303820f57e604904a7a65122dbc.jpg">Cardano price analysis: RSI remains well-settled in oversold zone on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen trending horizontally for most of the month of May, incurring little in price and buyer interest. The current trend looks set to remain bearish by the looks of the 24-hour chart, with price currently trending below its 9 and 21-day moving averages, as well as the important 50-day exponential moving average (EMA) at $0.36.
.40 demand zone" src="https://en.bitbili.com/wp-content/uploads/2023/05/frc-a3cdd537a3574c5276426b7b593f364a.jpg">.40 demand zone" src="https://en.bitbili.com/wp-content/themes/justnews/themer/assets/images/lazy.png" data-original="https://en.bitbili.com/wp-content/uploads/2023/05/frc-a3cdd537a3574c5276426b7b593f364a.jpg">The 24-hour relative strength index (RSI) for Cardano price analysis also continually shows a dismal reading, and can be seen heading further downwards into the oversold region after reaching the 40 mark. Meanwhile, the moving average convergence divergence (MACD) curve offers some support in terms of technical indicators, with the trend line attempting a bullish divergence to move above the signal line.
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