Cardano's price has dropped 3% over the past 24 hours to $0.7715, displaying bearish sentiment amid Microsoft partnership rumors and a new ETF filing by Grayscale.
Cardano Price Currently On A Bearish Trend
The ADA price action on the 3-day chart shows a clear downtrend following a significant rally. The chart exhibits a rounded top pattern, a classic reversal signal indicating the exhaustion of bullish momentum. ADA has broken below the 50-period Simple Moving Average (SMA) and is approaching the 200-period SMA, which often serves as a key support level. The Relative Strength Index (RSI) sits at 45.09, suggesting a neutral zone but leaning toward bearish sentiment. If the RSI drops below 40, it may signal an oversold condition and potentially lead to a short-term relief rally.
ADA Price Prediction
Given the current market structure and technical indicators, ADA is likely to continue its decline towards the $0.32–$0.46 range, where a significant support zone exists. The 200-period SMA at $0.4994 may provide temporary relief. For a bullish recovery, the Cardano token price would need to reclaim the 50-period SMA at $0.7361 and establish a higher low.
Solaxy Presale Closing On The $20 Million Milestone
Solaxy, the first layer-2 solution on Solana, has completed its presale, raising $19.9 million. Solaxy aims to address network congestion and transaction failures. Once launched, Solaxy will provide a platform for creating decentralized applications or launching new tokens without compromising the layer-1 capabilities of Solana.
With rumors of a Microsoft partnership and new developments in the crypto market, Cardano experiences volatile times. Future price movements will depend on current technical indicators and market conditions.
