Cardano (ADA) Faces Further Decline, $0.3389 Support Under Threat
27 June 2024 - 9:30PM
NEWSBTC
Cardano (ADA) is currently experiencing a downward trend, with its
price approaching the crucial support level of $0.3389. The
cryptocurrency market has been under significant bearish pressure,
and ADA is no exception. This decline is fueled by a mix of
macroeconomic factors, market sentiment, and technical indicators
pointing to continued weakness. As Cardano nears this critical
support level, investors and traders are closely monitoring its
performance to determine if it can hold the line or if further
declines are imminent. The $0.3389 level is now a key focus for the
market, potentially shaping ADA’s short-term future. With the help
of technical indicators, this analysis focuses on analyzing
Cardano’s current price action and its impact on the asset’s future
focusing on the 4-hour and the 1-day timeframe. Presently, the
market capitalization of Cardano is over $13 billion, with a
trading volume of over $252 million. The cryptocurrency price is
currently down by 2.94%, trading at roughly $0.3786. Despite a
2.91% decrease in market capitalization, there has been a 10.38%
increase in trading volume in the past day. Review Of Recent Market
Performance Of Cardano Currently, the price of ÀDA is actively
bearish trading below the 100-day Simple Moving Average (SMA) in
the 4-hour timeframe. Due to this Cardano is beginning to decline
towards the $0.3389 support after a failed upward attempt. With
this current price action, it can be suggested that ADA’s bearish
trend may likely extend. Also, the Relative Strength Index (RSI)
confirms that the price of ADA may extend its decline toward the
$0.3389 support zone as the signal line of the indicator has
dropped below 50% and is heading towards the oversold zone.
Meanwhile, on the 1-day chart, ADA’s price is trading below the
100-day SMA dropping towards the $0.3389 support level with strong
bearish momentum after short-term upward recovering. Additionally,
with the formation of the 1-day RSI, it can be suggested that
Cardano poses more of a threat to extending its decline as the
signal line of the indicator is actively trending below 50%
attempting to make another drop towards the oversold zone.
Strategies For Navigating ADA’s Decline An analysis of potential
key levels to look out for reveals that ADA’s price may continue to
move downward toward the $0.3389 support level. Should the crypto
asset break below this level, it may move lower to test the $0.2388
support level and probably move on to test other lower levels if
the price breaches this level. However, if there is a rejection at
the $0.3389 support level, Cardano may start moving upward toward
the $0.5229 resistance level. If this level is breached, the crypto
asset may experience more price growth toward the $0.6822
resistance level and possibly other levels above. Featured image
from Adobe Stock, chart from Tradingview.com
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024