Cardano Price Slides as ADA Faces Key Resistance Near $0.40

Cardano (ADA) continues to face pressure as sellers continue to control the short-term price dynamics. Market analysts point out that ADA is currently facing a critical resistance level that needs to be broken for any change in market sentiment.

Currently, ADA is trading at $0.3482, down 1.57% in the last 24 hours. Despite the fall in price, ADA has shown strong market activity, with a daily trading volume of $751.77 million. The asset currently has a market capitalization of $12.70 billion, with a market dominance of 0.43%.

Cardano Faces Resistance After Corrective Pullback

Recent price movement shows that Cardano remains under selling pressure, continuing its broader downward trend. Market analysts point out that ADA is currently holding support at $0.345, recovery scenario is possible. However, the overall trend looks weak unless there is a significant buying push.

According to the analysis shared by More Crypto Online, ADA/USD is currently undergoing a corrective pullback following previous declines. If the price is unable to break above and is rejected at the level of overhead resistance, another decline may ensue. The critical area to watch is around the 4,000 level, which has been a consolidation zone in the past but is now a strong resistance zone.

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Cardano Price at Critical Turning Point

A strong rejection at this level could lead to further declines. Initial downside support is seen near 3,434, followed by a second level of support at $3,257. If the selling pressure continues, the price may move towards the longer-term support zone at $3,000.

For a reversal to occur, the price will need to see a strong breakout above the $4,000 level, accompanied by a daily close above this zone. Such a move would cancel the current bearish setup and signal renewed strength. In this scenario, the price may encounter resistance at 4$,214, with an even higher level of resistance at $4,370.

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