Cardano (ADA) Bears on the Prowl — Is a Deeper Drop Imminent?

Cardano's ADA token faces mounting pressure as bearish forces tighten their grip. With key support levels under siege, traders brace for potential downside.

The bear case strengthens

Market structure shows weakening momentum as ADA struggles to maintain footing. Each rally gets met with aggressive selling—classic distribution pattern.

Technical warning signs flash red

Recent price action paints a concerning picture. Failed breakout attempts and lower highs suggest dwindling buyer conviction. The 200-day moving average looms as make-or-break territory.

What's next for the 'academic' blockchain?

While Cardano's research-driven approach impresses in whitepapers, market reality bites harder. Another leg down could test the patience of even the most devoted 'HODLers'—because nothing says 'financial revolution' like watching your portfolio bleed out.

Cardano Price Dips Again

In the past few sessions, Cardano saw a fresh decline below the $0.580, unlike Bitcoin and Ethereum. ADA even declined below the $0.5750 level to enter a bearish zone.

The bears even pushed the price below the 23.6% Fib retracement level of the upward MOVE from the $0.5102 swing low to the $0.5938 high. The price even spiked below the $0.5520 support. There is also a key bearish trend line forming with resistance at $0.570 on the hourly chart of the ADA/USD pair.

Cardano price is now trading below $0.570 and the 100-hourly simple moving average. On the upside, the price might face resistance NEAR the $0.570 zone. The first resistance is near $0.5850.

The next key resistance might be $0.5920. If there is a close above the $0.5920 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.620 region. Any more gains might call for a move toward $0.6350 in the near term.

Another Drop In ADA?

If Cardano’s price fails to climb above the $0.5850 resistance level, it could start another decline. Immediate support on the downside is near the $0.5520 level and the 50% Fib retracement level of the upward move from the $0.5102 swing low to the $0.5938 high.

The next major support is near the $0.530 level. A downside break below the $0.530 level could open the doors for a test of $0.5120. The next major support is near the $0.50 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.5520 and $0.5300.

Major Resistance Levels – $0.5850 and $0.6000.