Cardano, currently the eighth largest cryptocurrency by market capitalization, is facing a major price test following its recent price drop.
As seen on its daily chart, Cardano (ADA) is currently testing the critical support level at the 50-day Simple Moving Average (SMA) of $0.707. A breakdown below this level could trigger further declines, putting ADA in a vulnerable position.
ADA/USD Daily Chart, Courtesy: TradingView
Cardano had risen to highs of $0.755 in Thursday's session, where it saw resistance. The profit-taking extended in the early Friday session with ADA dropping to intraday lows of $0.7. The recent price drop caused ADA to briefly drop below the daily SMA 200 at $0.707 before slightly rebounding, although it remains significantly down on the day.
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At press time, ADA was down 5.65% in the last 24 hours to $0.707 as bears repeatedly tugged on the daily SMA 200 support at $0.707, attempting to break it. If Cardano fails to hold above this key support, the next potential downside targets lie at $0.647 and $0.579. These levels will be crucial for ADA’s price action, as a break below them could extend the bearish momentum.
While ADA struggles to maintain support, traders are closely monitoring broader market conditions and investor sentiment to determine its next price move. A rebound from current levels could reignite bullish momentum; however, a failure to hold could indicate further losses.
Cardano price context
Cardano has been trading between the moving averages of 50 and 200 at $0.766 and $0.707 since the March 6 decline, signaling indecision about the next directional move.
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The downsloping moving average of 50 and the RSI just below the midpoint offer the bears a tiny advantage.
A break and close above the moving average of 50 indicates that the bulls may be back in the game. Cardano could reach $1.02, where bears are expected to sell aggressively. Investors and traders will be watching Cardano's next move, as its ability to hold critical support levels may determine its short-term direction.
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