Following a period of volatility, the price of Cardano (ADA) has stabilized at a key support level of 64 cents. Although this level has been well maintained and sellers have failed to push the price lower, the overall trend remains bearish, indicating lower highs and lows. These conditions could once again put pressure on the key support level. Trump’s announcement regarding the strategic reserve of America’s digital currencies caused ADA’s price to spike above $1, but since then, the price has retraced to pre-spike levels. This suggests that the recent rally was just a temporary market speculation and lacked long-term demand. The weekly Moving Average Convergence Divergence (MACD) indicator has been bearish since late January, indicating that a trend reversal is still far off. If the 64-cent support is broken, the price is likely to reach 50 cents.
