Unfortunately, Cardano (ADA) is currently going down, and its value is getting closer to a key support level at $0.3389. Bearish pressures have gripped the cryptocurrency market as a whole, making ADA’s fall even worse in a setting shaped by macroeconomic conditions, market sentiment, and technical signals pointing to long-term weakness.
As Cardano gets closer to the important $0.3389 mark, investors and traders are closely watching its movement to see if it can handle the pressure or if more drops are on the way. This amount of support has become important and will decide ADA’s immediate future.
Cardano Market Metrics and Trading Dynamics
Cardano has a market value of more than $13 billion and trades worth more than $252 million every day. Even though market cap has gone down by 2.91%, trade volume has gone up by 10.38% in the last day.
The price of ADA is going down, as shown by the fact that it is selling below the 100-day Simple Moving Average (SMA) on the 4-hour chart. This drop towards the support level of $0.3389 comes after an unsuccessful attempt to rise, suggesting that ADA may continue its downward trend.
The Relative Strength Index (RSI) shows that prices are going down because its warning line has dropped below 50%, indicating that the index is oversold and prices may go down even more to the $0.3389 support zone.
On the daily chart, ADA is still below the 100-day simple moving average (SMA). It is moving down strongly towards the important support level at $0.3389 after a short rise.
A look at key levels shows that the value of ADA could go down even more, possibly to $0.3389. If this level is broken, tests of the $0.2388 support could begin, and they could go even lower.
Cardano could also go up if it bounces back from the support at $0.3389 and aims for resistance at $0.5229. If we get past this obstacle, we might see more gains all the way to the resistance level at $0.6822 and beyond.
