Cardano (ADA) is approaching a crucial support level at $0.3389, which could determine its next major price movement. If ADA maintains this support, it might rise toward the $0.4233 resistance level. A break below could lead to further declines toward the $0.2388 range.
As of the time of writing, ADA trades around $0.3488, marking a 2.25% decline. The cryptocurrency has a market cap of over $12 billion and a trading volume exceeding $272 million. In the past 24 hours, ADA’s market cap has decreased by 2.23% and its trading volume by 1.55%.
Technical indicators show that on the 4-hour chart, ADA has dropped below the 100-day Simple Moving Average (SMA) and is consolidating just above the $0.3389 mark, suggesting a bearish trend. The Relative Strength Index (RSI) on the 4-hour chart is at 41%, indicating growing bearish momentum and potential for intensified selling pressure.
On the daily chart, ADA exhibits negative movement below the 100-day SMA, with multiple bearish candlesticks forming as it nears the $0.3389 mark. The daily RSI shows ADA under significant bearish pressure, trending below 50% and highlighting sustained bearish dominance and increasing pessimism.
If ADA breaks below the $0.3389 support, it may continue downward toward the $0.2388 range and potentially lower support levels. However, if it holds firm, there could be room for recovery toward higher resistance levels.
