Cardano (ADA) plunged to $0.6 this morning, marking the fourth consecutive day of decline, resulting in a 10% drop from the April 13 price ceiling. Currently, ADA is trading around $0.61 with over a 3% decrease in the past 24 hours. Last weekend, ADA experienced significant fluctuations, reaching $0.667 from $0.618. However, this increase was not sustainable, leading ADA back into a correction phase. Trading data indicates increased trading volume during ADA’s price decline, indicating sellers’ dominance. Nevertheless, some investors are accumulating at lower levels, which could lay the groundwork for an upward correction. Currently, Cardano faces two key resistances: the 50-day moving average around $0.708 and the 200-day moving average near $0.746. These levels may hinder rapid ADA growth. From a technical standpoint, the data suggests that the market has reached oversold conditions, potentially leading to a short-term corrective growth for Cardano. In another scenario, ADA may enter a consolidation phase, fluctuating between $0.51 and $0.77 until its next direction becomes clear. Overall, while selling pressure on Cardano persists, buyers’ presence at lower price levels could indicate a new upward trend for ADA approaching.
