Cardano Price Drops Despite Mastercard Partnership

The price of Cardano (ADA) has slipped despite the recent announcement that it joined Mastercard's Crypto Partner Program. The news did not seem to lift the price, as ADA is trading at $0.2006 on Tuesday, down 3.84% on the day.

This decline brings ADA back toward its 50-day average of $0.1980, which is currently serving as a support level for buyers. The medium-term trend remains intact, but the short-term trend has flipped against the bulls with every attempt to reclaim the 20-day average being sold into.

The MACD momentum indicator has turned bearish ahead of Wednesday's Federal Reserve rate decision, which could have a significant impact on the price of ADA. A confirmed hike in interest rates would likely pull capital out of risk assets and crypto, exacerbating the current downward trend.