Cardano has been having poor price trends recently, and when positive trends appear it has been unable to maintain them.
The month began on a positive note with a three-day consecutive uptrend observed from the 1st to the 3rd of May, during which the price rose from around $0.45 to $0.46.
However, these gains were followed by consecutive declines, bringing the price back to around $0.45. This trend of downtrends following uptrends has persisted, signaling a lack of sustained momentum.As of this writing, ADA was trading with a nearly 1% increase, returning to the $0.46 price zone. Despite this, it remained entrenched in a bear trend, as indicated by its Relative Strength Index hovering just above 40.A death cross occurs when the long moving average crosses above the short moving average , typically signaling a negative price trend.
As of this writing, the price was trending below the blue and yellow lines, underscoring the uncertainty in ADA’s price trajectory.Cardano’s volume does not provide encouraging signs. Analysis of the volume indicates a decline over the past few days.However, it has since declined. At press time, the volume stood at around $279 million. Typically, an increase in volume can drive price movements, reflecting heightened trading activity.
Conversely, the current downward trend suggests a decrease in trading activity, which may hinder the potential for sustained positive momentum in ADA’s price.revealed that between 4th May and press time, the number of active addresses rose from around 159,000 to over 163,000.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.
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