When Will Cardano (ADA) Break the $1 Barrier?

• 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 Ali 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 $0.6402 support. The formation of a death cross could likely trigger more downside correction and push the price to the $0.6332 range. 

Conversely, assuming the comeback of bulls, Cardano could find its immediate resistance at around $0.6538. A breakout above this level might bring more upside, reinforcing the bullish pace and climbing toward $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.

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 a 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. TheNewsCrypto team encourages all to do their own research before investing.

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