Cardano Price Tests Support ADA Eyes Targets $0.50–$0.52 and $0.66
- Cardano (ADA) is currently testing a critical support zone, historically known to trigger strong price reversals.
- If ADA maintains levels above support, initial targets are $0.50–$0.52, with an extended $0.66 target.
- Technical indicators show bearish momentum, with RSI near oversold, MA ribbon above, and negative MACD readings.
Cardano (ADA) is currently testing an important level of critical support, which has served in the past to trigger large reversals in the price. The current momentum in the cryptocurrency pair appears to be the weakest in the past weeks, with the sellers in control of the marketplace.
Cardano Approaches Critical Support Zone
A well-known crypto analyst, CryptoPulse, emphasized: “Cardano is currently testing a significant weekly level of support, a zone known to produce deep reversals in the past.” This zone is vital in determining the next price movements.
If ADA can maintain its levels above the said support, the target levels are then positioned at $0.50-$0.52, and then a much more aggressive target at $0.66 will be formed. On the other hand, a break and close below $0.36 will neutralize the bull thesis and may trigger a further decline.
At the time of writing, Cardano (ADA) is trading at $0.483, with a 24-hour trading volume of $989.21 million and a market capitalization of $15.33 billion. Over the last 24 hours, ADA has dipped slightly, declining 0.32%.
Also Read | Cardano (ADA) Eyes $1.60 Upswing Following Vanguard Bitwise 10 Index Listing
Cardano Faces Bearish Market Pressure
It appears that the ADA is experiencing pressure based on the indicators. The RSI is at 35.12, and this shows that the coin is approaching the oversold levels. The MA Ribbon is above the current levels, and the important levels are at 0.72928, 0.69205, 0.63070, and 0.54011, and this shows that the sellers are in control. The weekly chart near $0.42705 shows pressure with little signs of a rebound.
The MACD also reflects a bearish outlook. Since the MACD value is -0.04109 and the signal line is close to -0.04576, the negative gap shows low momentum along with red bars in the histogram chart. Until the MACD turns positive, ADA will find it difficult to move ahead with considerable upward momentum.
Overall, the current price movements of Cardano are at a crucial point. The possible breakout above the weekly support level may result in higher levels, but a break below $0.36 might take the price to lower levels. Investors are keenly observing the levels to take any action.
Also Read | Cardano Prepares Protocol Version 11 Hard Fork with Plutus and Security Upgrades
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