Cardano (ADA) on the Edge: Key Levels That Will Trigger Its Next Big Move
Cardano (ADA) is teetering around $0.638, struggling to hold ground after a sharp 45% decline from its March high of $1.19. The price recently broke below a crucial support zone of $0.69-$0.75, signaling potential further downside. With the market momentum weakening, all eyes are on the $0.622 level—ADA’s last line of defense before deeper losses. […]
Cardano (ADA) is teetering around $0.638, struggling to hold ground after a sharp 45% decline from its March high of $1.19. The price recently broke below a crucial support zone of $0.69-$0.75, signaling potential further downside. With the market momentum weakening, all eyes are on the $0.622 level—ADA’s last line of defense before deeper losses.
Price Action Breakdown
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Bearish Momentum in Full Swing
- The breakdown from $0.69-$0.75 suggests sellers remain in control.
- If $0.622 fails to hold, expect a swift drop toward $0.50-$0.425.
Market Indicators Flash Caution
- RSI (Relative Strength Index): Trending below neutral 50, indicating weak bullish momentum.
- Volume: No significant buying pressure, suggesting limited demand at current levels.
- Moving Averages: ADA is trading below key short-term moving averages, reinforcing the bearish outlook.
Key Support & Resistance Levels
- Immediate Support: $0.622 (critical pivot point), followed by $0.50 and $0.425.
- Resistance Zones: $0.69-$0.75 (recent breakdown zone) and $0.85 if a recovery attempt materializes.
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Projected Next Move
- Bearish Scenario (Most Likely): A decisive breakdown below $0.622 could open the floodgates for a drop toward $0.50-$0.425, potentially shedding another 30% in value.
- Bullish Reversal (Less Likely for Now): If ADA rebounds strongly from $0.622, a retest of $0.69-$0.75 is on the table. However, sustained momentum above $0.75 is needed for a true trend reversal toward $0.85-$0.90.
Trading Game Plan
- Short-term traders: Watch for a breakdown of $0.622 for potential short setups.
- Long-term investors: Accumulation zones lie between $0.45-$0.50 for a better risk-reward ratio.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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