Amidst the overall decline in cryptocurrency prices, Cardano (ADA) is showing a drop. Let’s review the current figures and potential future scenarios.
Current Cardano Price
Currently, Cardano (ADA) is trading at $0.6295. In the past day, the price has decreased by 1.10%, and over the week, it has fallen by 5.46%.
ADA Price Level Analysis
On the hourly chart, the price of ADA is rising after a false breakout of the local support at $0.6211. If this growth continues, a test of the resistance level at $0.64 may occur next week. However, on a larger time frame, the picture remains bearish as the price is near the support level. If the $0.6104 level breaks, the accumulated energy might suffice to push the price down to the $0.58-$0.60 range.
Future Forecast
From a midterm perspective, there are currently no reversal signals. If the interim level of $0.60 breaks, traders may witness an ongoing decline to the $0.55 area.
Thus, despite short-term price fluctuations, Cardano remains in a bearish trend, and traders should closely monitor key levels to determine future strategies.
