ADA Nearing $0.33 Support, Potentially Declining
Cardano (ADA) is reaching $0.3389, a key support level that might influence its next significant move. As the cryptocurrency nears this important level, will it stay strong or fall further? This key time might change ADA's price trend.
This article examines ADA's price trends around $0.3389. We'll evaluate this support level and how a breach may affect ADA's pricing. We examine technical indicators, current market movements, and alternative scenarios to determine if ADA will fall further or hold strong at the support level.
The market capitalization of ADA is over $12 billion, and its trading volume is over $272 million. Its price is $0.3488, down 2.25%. In the previous 24 hours, ADA's market value fell 2.23% and trading volume fell 1.55%.
How Current Trends Explain ADA Behavior
ADA is holding over $0.3389 on the 4-hour chart after falling below the 100-day SMA. If the cryptocurrency falls below this important support level, it may fall further.
On the 4-hour chart, the Relative Strength Index (RSI) has dropped below 50%, now at 41%, indicating negative momentum and potential selling pressure.
ADA is falling below the 100-day SMA on the daily chart, generating numerous bearish candlesticks under $0.3389. This bearish trend suggests heavy selling pressure and unfavorable market sentiment, favouring a breach below this crucial level.
Finally, ADA's 1-day RSI is below 50%, indicating strong bearish pressure. The dropping signal line at 40% indicates continued bearishness and growing bitcoin pessimism.
Critical Moment: Will ADA's $0.33 Hold Or Drop Further?
Maintaining support around $0.3389 might help ADA ascend toward $0.4233 resistance. If the price breaks this barrier, it may rally toward $0.5229 and additional resistance points.
If the $0.3389 barrier fails to hold and the price breaks below it, the cryptocurrency may fall below $0.2388. After breaching this level, the crypto asset may decline further into other support levels.
