Cardano (ADA) is showing a continuous price decline, pressured by short-term sellers. This article examines current trends and technical indicators of the cryptocurrency.
Current Price Dynamics of Cardano
Currently, Cardano's price is $0.5978, a marginal decline of 0.17%. The overall drop is occurring amid sustained control by short-term sellers, pushing ADA closer to the lower boundary of a critical support zone between $0.588 and $0.615.
Technical Indicators and Market Structure
ADA is currently trading below its 20- and 50-period exponential moving averages, which now form a firm resistance. Downward indicators, such as MACD, are showing no momentum, while the Relative Strength Index (RSI) is in an ambiguous zone. The Supertrend indicator flipped red after losing key levels above $0.64.
Outlook and Support for ADA
The short-term outlook for Cardano remains uncertain as sellers dominate the market near a key support zone. Weak buying activity, according to indicators, suggests potential further losses if ADA fails to confidently breach the resistance level of $0.615.
Amid current pressure and the lack of positive signals from the market, Cardano faces the risk of further decline. Investors will continue to monitor developments within the critical support zone.
