The global cryptocurrency market cap now stands at $2.49 trillion, down 0.87% over the last 24 hours, according to data from CoinGecko.
Total Crypto Market Cap. Source: TradingView
The total crypto market volume over the last 24 hours is $88.05 billion which marks a 19.53% increase. The total volume in DeFi is currently $4,73 billion, 5.3% of the total crypto market 24-hour volume. The volume of all stablecoins is now $48.31 billion, which is 54.87% of the total crypto market 24-hour volume.
Crypto prices have been consolidating with the total market cap for the digital currencies shrinking from the 27-month high of $2.721 trillion reached on March 14 to a low of $2.04 on May 1.
The total crypto market value is consolidating in a descending triangle, pointing to the possibility of a deeper correction across the board.
Bitcoin (BTC) has been hovering between $62,746 and $65,360 over the last day. As of 5:00 a.m. EST, BTC is trading with a bearish bias at $64,290, down by 1.4%. Bitcoin’s dominance is currently 50.7%, a decrease of 0.10% over the day.
Cardano price could drop to $0.37
After reaching a 26-month high at $0.7640 on March 14, ADA has recorded a series of lower highs and relatively equal lows around the $0.4408 area. This price action has led to the appearance of a descending triangle chart pattern on the daily chart.
A descending triangle is a significantly bearish chart pattern that projects a continuation of a downtrend once the technical formation is confirmed.
In Cardano’s case, a daily candlestick close below the horizontal line at $0.4408 would confirm a bearish breakout from the chart pattern. The target is projected at $0.3708, a 19% drop from the current price.
However, before reaching this target, the bears must first deal with buyer congestion from the $0.40 psychological level.
ADA/USD Daily Chart. Source: TradingView
This pessimistic outlook is supported by the downward movement of the Relative Strength Index (RSI) which has dropped from 41 on April 22 to the current value of 38. The position close to the oversold region validates the bearish outlook, suggesting that Cardano is yet to reach a bottom.
On the other hand, ADA could turn up from the current price to reclaim the $0.4590 support level. If this happens, the layer 1 crypto could rise first toward the 20-day EMA at $0.474 and to the 200-day EMA at $0.513.
