Cardano (ADA) is currently pressured, testing a significant support level. This material analyzes the current market situation and possible scenarios.
Price Overview
At the time of writing, ADA is trading at $0.6242, reflecting a 2.75% decline. The current price remains in a persistent downtrend after a sharp rejection from the $1.20 level.
Key Support and Resistance
* Support: $0.60 – $0.62
This zone is crucial. A breakdown could lead to a drop toward $0.55.
* Resistance: $0.70 – $0.75
Bulls need to reclaim this area to shift short-term sentiment and target the next resistance at $0.80.
Technical Analysis and Forecasts
* The trend remains decisively bearish with consistent lower highs and failed breakout attempts. Volume is also declining, reflecting weakening bullish conviction and sustained control by sellers.
* The MACD indicates continued bearish momentum, remaining below the signal line.
* The RSI shows bearish momentum between 30 and 40, suggesting further downside potential.
* Technically, ADA is at a critical point. A break below $0.62 could escalate the sell-off, while a rise above $0.70 may lead to a short-lived rally.
Cardano (ADA) is at a critical support level, experiencing bearish pressure. Buyer activity in these conditions may influence future price fluctuations.
