Cardano (ADA) is trading near a technically important support zone as the larger cryptocurrency market halts following recent volatility. Price movement has diminished over recent sessions, indicating a balance between buyers defending lower levels and sellers restricting upside attempts.
Investors and analysts are keenly observing whether Cardano can keep on this support or whether a breakdown could trigger a further bearish rally.
According to CoinMarketCap, at the time of writing, the coin is trading at $0.3509 with a 0.01% increase in rate. The market cap of the coin has exceeded $12.65 billion. The volume of the token is around $623.07 million.
Also Read: Cardano Cuts Central Control With Major 220M ADA Delegation
ADA’s price chart reveals a downward momentum. It could climb toward the resistance (yellow) at around $0.364. Assuming the bullish pressure strengthens, it sends the coin’s price up to test the $0.380 range.
If a reversal occurs, the bears may push the token’s price down to the support level (blue) at $0.347. In case the downside correction gains more traction, the death cross could form and likely drive the asset’s price to a low of $0.300 or even lower.
The moving average convergence divergence (MACD) indicator shows the coin experiencing a bearish rally since the MACD line (blue) is below the signal line (orange). The Relative Strength Index (RSI) indicates the asset is being oversold.
Technical indicators show indecision. Momentum oscillators have smoothed near neutral levels. Trading volume has also decreased compared with earlier swings, an usual feature when markets near decision points.
On-chain movement for ADA has been comparatively stable, with no sudden changes in transaction counts or network participation, as said during the recent consolidation.
Development activity across the token’s environment continues at a steady pace. This is supported by present updates and application increase, though these factors have not yet translated into decisive price action.
Trader’s notice remains concentrated on larger market conditions, including movements in major cryptocurrencies, which often influence ADA’s short-term rally. The asset will mostly be range-bound, with investors waiting for clearer signals before committing to larger positions.
Also Read: ProShares 2x Leveraged Cardano ETF Launch Could Push ADA Toward $0.50
Also read: Japanese Yen Jumps to 2-Month High as Intervention Talk Rattles Currency Markets
