Cardano Price Stagnation: $0.20 May Be the New Floor
Cardano's price has been stagnant at $0.20 for some time, and experts believe it may be heading towards $0.18 before any potential recovery.
The technical analysis suggests that the market has lost conviction, with all short-term moving averages converged at the same level, signaling a lack of strength.
The Relative Strength Index (RSI) is hovering just under 50, indicating that buyers are hesitant rather than loading up. The Bollinger Bands are wide enough to suggest volatility expansion in either direction, but with price sitting below the midline, the path of least resistance is towards the lower band.
Derivatives data shows a split signal, with open interest jumping 9.23% in 24 hours, but taker buy/sell ratio at 0.8537 indicates that sellers are currently in control.