Cardano’s Price Action Continues With Its Downward Trend

Cardano’s (ADA) price action shows continued bearish selling pressure towards the $0.50 value area. ADA did close above a key Ichimoku level on Tuesday, however, bulls failed to follow through. .

ADA’s price is also at risk of further downside pressure due to decreased participation. While massive inflows of buyers and sellers occur between May 9 and May 13, the volume has still dropped significantly.

It is evident why this is the case when looking at the daily Ichimoku chart. Two important chart patterns can be seen on the chart.

The first is a symmetrical triangle, which is any triangle pattern that could lead traders to

expect a drop in volume the closer the price gets to the apex of the triangle.

The second pattern is a candlestick pattern called a Bullish Squeeze Alert, which is a three-bar pattern with the second candlestick as an inside bar of the first candlestick, and the third candlestick as an inside bar of the second candlestick. However, the first candlestick has to be a down day.

ADA is currently in the 8th position on CoinMarketCap’s market cap list right behind Binance USD (BUSD) in the 7th position and in front of Solana (SOL) in the 9th position.

ADA is currently worth $0.52 after reaching a high of $0.5646 over the last 24 hours. This leaves ADA down by 7.01% over the last 24 hours.

Cardano’s trading volume over the last day stands at $1.044,696,540, which is up 19.09% from yesterday.

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