Cardano Joins The Red Screen – How ADA Fell To $0.45 Over Last 24 Hours

Christian Encila

Last Updated: July 26, 2022 5:05 pm

3 mins read

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Cardano (ADA) is all flushed today as it plunged by 6% compared to yesterday’s high of $0.53. While it remains to hover above the 50-day moving average, ADA may drop further down by $0.45 in the next 24 hours as the bears take control of the market.

ADA has a fantastic weekend as it glided way up to $0.52 on July 24. However, the coin slid to $0.48 as a result of the issues involved in the Vasil upgrade.

ADA bulls are trying to touch the $0.55 resistance level hoping to make a grand comeback but if it plummets to $0.45, then bulls would need to try harder.

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Cardano Bearish Movement Similar To Bitcoin’s

Bitcoin movement has capsized similarly to Cardano’s bearish movement. Bitcoin has currently plunged below the $22,000 zone showing a drop of 4%. More so, Ethereum also dropped by 5% or $1,500 in price.

All other major altcoins also plummeted in price. Dogecoin dipped to $0.06, Ripple plunged to $0.34, Polkadot lost 5%, and Solana slid further down by 6%.

As seen in the recent 24-hour candlestick chart, Cardano’s price is forming the Evening Star pattern. It has rallied over the weekend hovering at $0.53 but ADA succumbed to the bears and registered a low price point as depicted in the past 48 hours. While the price looks favorable and is on top of the 50-day moving average, it has somewhat slipped into a dangerous coma at $0.493.

Cardano RSI has moved further down to 50.96 from 58.22 in just a few hours which indicated a decline in market valuation. This also confirms ADA’s bearish momentum.

More so, the coin’s trading volume also dropped by 33% overnight which implies that is very minimal buying action taking place. Additionally, its MACD or moving average convergence divergence curve also shows to be shooting for a bearish forking.

ADA total market cap at $15.4 billion on the daily chart | Source: TradingView.com

ADA Bulls To Tilt Market Dynamics

ADA price can dangerously go down to $0.47 in the next couple of hours. With that in mind, ADA price will need to hold onto dear life at the support line of $0.45 to retain its bullish momentum in the market.

The entire crypto market has been dominantly bearish for the past few days and Cardano has been devalued excessively with the next support level down at $0.457. The past week for Cardano has shown a somewhat zigzag pattern in terms of price action but now it seems the bears have dominated the market.

ADA has shaved off as much as 5.74 in value. With the increased volatility happening and the bearish pressure mounting, more downturns are expected. Currently, the bulls are trying to overpower the bears but the bulls will need to hold on to the support line to tilt the market dynamics in their favor.

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Featured image from Portal do Bitcoin, chart from TradingView.com

Christian Encila

Christian Encila is a journalist, editor, crypto analyst, and virtual assistant focused on storytelling, financial markets, and digital media. He blends strong writing skills with in-depth analysis, turning complex information into clear, accessible insights.

His writing began in college as a feature writer for his school publication, building research and storytelling skills. He later worked as an editor at a data engineering firm, gaining recognition for writing and discipline.

He expanded internationally in Canada and South Korea, then returned to the Philippines for a decade in a major newsroom. There he became a senior news writer and editor, simplifying complex topics for broad audiences.

He later moved into cryptocurrency journalism as a crypto analyst and market expert at NewsBTC, covering trends and blockchain developments. Alongside writing, he works as a Virtual Assistant supporting editorial operations, workflows, and coordination tasks.

Outside work, he enjoys motorbikes, riding a Yamaha R3, preferring relaxed coastal rides. He spends time with two cats and a dog, and unwinds with coffee, Filipino food, and occasional rum while watching comedy films.

His career blends journalism, analysis, and support roles, reflecting adaptability across media, markets, and digital content production in modern newsroom environments and remote work settings globally.

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