Cardano (ADA) continues to struggle as selling pressure intensifies, dragging its price down by 2.51% in the last 24 hours. Currently, ADA trades at $0.7281, hovering near critical support levels. Bulls need to act fast to regain control, or bears may extend their grip further. Market sentiment remains uncertain, and traders eagerly await the next move.
Hourly Chart Breakdown
ADA attempted to break past the $0.7344 resistance but failed, triggering a sharp rejection. This false breakout highlights weak buying momentum and suggests sellers are dominating the market. If bearish pressure persists, ADA could soon retest the $0.71 range.
A drop below $0.70 would signal a deeper decline, potentially pushing ADA toward the $0.65 support level. Buyers must step in soon to prevent further downside.
Mid-Term Market Outlook
The bigger picture reveals a market struggling for direction. ADA remains distant from key resistance and support levels, reflecting indecision. The weekly closing price will be crucial in determining ADA’s next trend. If the price stabilizes within the $0.65-$0.75 range, expect consolidation before a decisive breakout.
Traders should monitor resistance at $0.7344, $0.75, and $0.80. Meanwhile, support sits at $0.71, $0.70, and $0.65, which could dictate whether ADA holds steady or plunges lower.
Market Sentiment and Volume Trends
Volume data suggests a decline in buying interest, reinforcing the bearish trend. Without a surge in demand, ADA may struggle to reclaim higher levels. A spike in volume could signal a potential reversal, but for now, sellers remain in control.
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Will ADA Hold or Break Below $0.70?
The market lacks clear momentum, leaving ADA in a precarious position. Short-term indicators point to further downside risks unless bulls step in at the right time. If $0.70 holds, ADA might consolidate before making another attempt to reclaim $0.7344 resistance. However, if sellers break through, the next stop could be $0.65.
