Technical analysis on the weekly timeframe from November 2023 shows that Cardano failed to break above the long-term horizontal resistance zone on six different occasions. In each case, long upper shadows of candles were observed, which indicates pressure from sellers.

This week, another bearish candle with a long upper shadow appeared.

The weekly chart of the relative strength index (RSI) shows a hint of continued decline. The indicator is above the 50 mark, but has already begun to decline.

ADA price forecast: expectations for the completion of the correction.

Analysis on the daily timeframe confirms this forecast based on price movement and RSI. The chart shows that since December 14, 2023, Cardano has been moving under the downward trend line of resistance.

Currently, ADA is in danger of losing the horizontal support zone at $0.48. If this happens, the price could drop by 23% to the nearest support level of $0.38.

The daily RSI also supports this scenario, as it has moved away from the 50 mark.

Nevertheless, a breakout of the downward trend line and consolidation above it may trigger a 30% increase in Cardano to the nearest resistance level of $0.63.