Cardano's (ADA) price is clinging to the $0.35 support level as it struggles to gain upward momentum amid mounting bearish pressure. Despite bouncing back slightly from an early October low of $0.30, ADA remains vulnerable, as indicated by various technical metrics.
The Exponential Moving Average (EMA) shows a precarious situation, with the 20 and 50 EMAs converging, signaling a potential strong bearish trend if the price does not surpass these indicators. The likelihood of a bearish trend is further supported by the Average Directional Index (ADX), which suggests weakened trend strength.
ADA faces resistance at $0.36, a pivotal point that might dictate its next movement. Failure to break this resistance could lead to a drop below current support levels, potentially revisiting the $0.31 mark if broader market conditions don't improve. Conversely, if ADA manages to flip the EMAs, it might see a trend reversal towards $0.40 and $0.48.
