Cardano (ADA) has shown a decline amid bulls losing their initiative. However, further testing of key levels is expected.
Current Market Situation for ADA
The rate of Cardano (ADA) has dropped by 4.35% over the last 24 hours. Despite this fall, the price continues to exhibit a bearish trend and is nearing a breakout of the local support level at $0.6963.
Long-term Trend Analysis
On a larger time frame, ADA is approaching the support level of $0.6909. If a breakout occurs, the accumulated energy might lead to a move towards the $0.60 mark.
Potential Development Scenarios
From a midterm perspective, ADA is far from key levels. However, if the current weekly bar closes around the current prices, traders might witness a test of the $0.55-$0.60 range next month.
The current ADA price is $0.6987. In the ongoing bearish trend, it is important to closely monitor key support levels and anticipate potential testing of new lows.
