Cardano price analysis may be gradually turning bullish, as price picked up over today’s trade after falling as low as $0.43 yesterday. ADA price endured an extended run along a descending triangle that initiated on June 26, 2022 when price was at $0.52. Since then, ADA has declined gradually on the daily chart to find support at $0.44. At this point, ADA sits at a decisive stage where price could move in either direction. An uptrend to $0.64 is likely if bulls can gather momentum, whereas the support zone around $0.42-$0.44 could also offer extended resort for the token.
The larger cryptocurrency market continued to show bearish signs, led by Bitcoin’s struggle to move up to the $20,000 mark. BTC currently sits at $19,200, whereas Ethereum declined more than 2 percent, keeping just above the $1,000 mark. Among leading Altcoins, Ripple consolidated at $0.45 along with Dogecoin at $0.06, whereas Solana dropped 2 percent to $33.04. Polkadot also descended slightly down to $6.82, while Litecoin dropped 2 percent to move down to $50.57.
Cardano price analysis: ADA targets 50-day EMA at $0.46 on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen declining down on a descending triangle for more than a week, lowering down to $0.43 in the process. ADA price has stayed below the 9 and 21-day moving averages since June 29, 2022 as it stagnated down to the $0.44 support zone.
However, at the current point, price can be expected to pick up, as shown by the increasing relative strength index (RSI) value at 41.40. Price would be targeting the crucial 50-day exponential moving average (EMA) on the immediate over the next 24 hours if buyers can consolidate over the current trend. Meanwhile, the moving average convergence divergence (MACD) curve presents lesser convincing signs for an uptrend to follow. For a trend reversal to happen, ADA will need to close above the upper bound of the current pattern over the next 24 hours. Conversely, a move down to $0.42 could invalidate the bullish thesis.
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