Cardano (ADA), ranked among the top cryptocurrencies by market capitalization, is facing bearish indicators as it tries to hold a key support level at $0.620. Analysts warn of potential decline.
Cardano Price Analysis
Over the past several sessions, ADA has failed to reflect the relative stability of Bitcoin and Ethereum, instead charting a downward path. The price dipped below the $0.720 and $0.700 levels, importantly losing footing under the $0.680 zone.
Key Technical Levels and Indicators
Resistance levels include $0.650, $0.6560, and $0.6720, while support levels are at $0.630, $0.620, $0.600, and $0.5650. The MACD indicator is gaining strength in the bearish zone, and the RSI is currently below 50, indicating bearish momentum.
What Happens if $0.620 Fails?
If the $0.620 support fails to hold, it could trigger a drop toward the $0.600 level, a psychological and technical support. A break below that may open the gates to $0.5650.
Cardano's ongoing price consolidation below the 100-hour moving average and fading upside attempts reflect weak short-term sentiment. The $0.620 level is critical for ADA’s next major move.
