Cardano is trading around the $0.64 level.
ADA’s 24-hour trading volume has declined by over 28%. A red wave persists in the crypto market, where fear dominates. Assets remain unable to get their footing following a series of losses, with no apparent recoveries in sight. Cardano (ADA) has meanwhile slipped by 1%, reflecting uncertainty in the market.
In the early hours, Cardano traded at a peak of $0.6562, and the sudden wake of bears pulled the price back toward the $0.6152 mark. At press time, Cardano traded at $0.6472, with its daily trading volume reaching $804 million. Concurrently, the market has witnessed a $3.01 million ADA liquidation.
Notably, the ADA chart shows that the whales between 1 million and 10 million ADA have sold off about 120 million ADA in the last 48 hours. The sell-off indicates less confidence and puts downward pressure on the price of Cardano.
Could Cardano See More Downside Ahead?
If the potent bearish momentum intensifies, the price of Cardano might fall back to the support of $0.6402. The emergence of a death cross may initiate more correction to the downside, leading the asset’s price to the $0.6332 level.
In contrast, the wake of Cardano bulls could push it to find its nearby resistance at the $0.6538 level. A breakout above this mark might see more upside, confirming the bullish strength and likely mounting to $0.66.
Cardano’s both Moving Average Convergence Divergence line and the signal line are below the zero line. This crossover indicates a sturdy bearish trend. If the MACD climbs above the zero line, it could signal a potential reversal.
ADA chart (Source: TradingView)
Besides, the asset’s Chaikin Money Flow (CMF) indicator, positioned at -0.15, suggests that the money is flowing out of the asset. Significantly, the daily trading volume of Cardano has plunged by over 28.96%.
The daily relative strength index (RSI) value of 43.59 signals the neutral to slightly bearish zone of the asset. ADA’s Bull Bear Power (BBP) reading of -0.009 is slightly negative, indicating marginal bearish pressure in the market.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. The NewsCrypto team encourages all to do their own research before investing.
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