Cardano (ADA) is facing challenges in maintaining support at the $0.64 level. Increased selling pressure could lead to further declines.
Buyers Under Pressure
After another weekly candle closed in red, ADA is struggling to hold onto its support at $0.64. If this week does not close in green, then it is likely that sellers will break this support and take the asset to $0.55, where the next key support is found.
Low Interest in Cardano
Interest in Cardano appears to be at a low point following a disappointing May and a poor start to June. Without any buyers at current levels, the only option left for ADA is to trend lower until interest returns. For this reason, a drop to $0.55 appears likely.
Falling Volume
The daily volume continues to make lower lows. As long as this trend continues, it is unlikely for this cryptocurrency to reverse course. This can also be interpreted as a promising sign because sellers are showing a lack of conviction here. This may open the way for buyers to return later.
At the moment, ADA is under pressure from sellers and is showing declining interest and trading volume. This creates a risk of further declines, although a potential return of buyers in the future could change the situation.
