Cardano Price Subdued Below Key Resistance, Downward Momentum Extends
Summary:Cardano price has been on a downward streak for the most part of the year, but its fundamentals provide an underlying bullishness.Cardano price struggle below the $0.700 mark continued on Wednesday,...
- Summary:
- Cardano price has been on a downward streak for the most part of the year, but its fundamentals provide an underlying bullishness.
Cardano price struggle below the $0.700 mark continued on Wednesday, as it traded at $0.677 and up by 0.3% on the daily chart. The momentum on the coin is downward-leaning, as the ADAUSD pair has declined by 9% in the last week. In addition, the broader Cardano ecosystem has been underperforming for a prolonged period, with its dApp revenue down by 93% from December 2024.
Nonetheless, there is an underlying bullishness, with Grayscale filing an ETF application for a product with ADA, XRP, Solana, ETH and BTC. In addition, the US Treasury is set to release data on its crypto holdings on April 5. That could see the US Government will divulge more information on whether Cardano will ultimately be part of the Federal strategic cryptocurrency reserve.
Despite the jump in ADA price in the last 24 hours, the upward momentum is likely to stay subdued in the near-term. The coin’s traded volume has gone down by 17% in that period, signaling declining appetite as the price rises.
Cardano price daily chart has its Relative Strength Index at 44, affirming the downward-leaning narrative. The coin will need to reclaim the Volume Weighted Moving Average (VWMA) level (currently at $0.714) to build traction for a potential reversal to the upside.
Cardano Price Prediction
Cardano price pivot mark is at $0.695 and the downside will persist if resistance persists at that level. That will likely see the price go lower to find initial support at $0.663. An extended downward momentum will break below that level and could potentially take the action lower to test $0.653.
Alternatively, action above $0.674 will shift the momentum to the upside. That will likely see the ADAUSD pair encounter the first barrier at $0.688. Breaking above that level will invalidate the downside narrative. In addition, such a move could clear the path for the coin to test $0.697.
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