Cardano (ADA) has remained neutral despite recent volatility in the broader crypto market. The 11th largest cryptocurrency hovers near a crucial support level, leaving its short-term price uncertain.
Key Support Level: $0.330
ADA currently holds above $0.330, a critical support point. Whether this indicates strength or a potential crash remains to be seen. Over the past 24 hours, the token fell about 2%, with a trading volume of $288.65 million. Over the past month, Cardano’s price has shown little movement, fluctuating by just over 1%.
Since August, the altcoin has traded near the $0.330 support level, facing consistent rejection at its resistance of $0.4075, which signals strong selling pressure. The 50-day Exponential Moving Average (EMA) is nearing a bearish convergence on the daily chart.
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This suggests low buying pressure for ADA. Additionally, the Relative Strength Index (RSI) has dropped toward its neutral zone. A potential negative crossover in the RSI could lead to further price weakening this week.
Bullish or Bearish: What’s Next for ADA?
ADA’s future depends on whether bulls or bears take control. If bulls re-enter the market, Cardano could attempt to break its $0.4075 resistance, setting the stage for a potential rise to $0.50. However, if bearish momentum increases, ADA could retest its $0.330 support.
Related article: Is Cardano on the Brink? Analyzing ADA’s Fight to Maintain $0.330 Support
A further drop below this level might trigger a plunge to new yearly lows during the fourth quarter. For ADA to climb back toward $0.50, it needs strong bullish momentum.
On the other hand, sustained market uncertainty could drag it down, leading to a significant price correction. For more insights on ADA’s long-term outlook, read our Cardano (ADA) Price Prediction 2024 – 2030.
