- Cardano (ADA) is testing the crucial 64-cent support after failing to break 90 cents, with a drop to 50 cents possible if buyers don’t step in.
- Weak volume and a bearish weekly MACD suggest momentum favors the bears unless bulls regain control soon.
Buyers Under Pressure at Key Support
Cardano (ADA) finds itself at a critical crossroads this week. After failing to break above the 90-cent resistance level, the cryptocurrency has tumbled back to the 64-cent support zone. This level is now under siege, and bulls must act swiftly to avoid a deeper slide. If this crucial support breaks, ADA could quickly revisit the 50-cent territory—just like it did in April.
The 64-cent level has historically been a stronghold for buyers. But with momentum fading and market sentiment weakening, defending this price could prove to be a major challenge.
Market Interest Wanes, Yet Sellers Dominate
One concerning factor is the evident decline in trading volume. Over the past few weeks, participation has thinned out significantly. Despite this, sellers have managed to maintain control, pushing the price down further in a slow, grinding downtrend.
Interestingly, the sluggish nature of this downtrend may offer a ray of hope for buyers. The lack of strong bearish momentum suggests that if bulls can muster enough strength, a bounce from this support zone remains possible. However, the clock is ticking.
Bearish Momentum Builds on Higher Timeframes
Looking at the weekly chart, the technical indicators are flashing warning signs. The MACD histogram remains in negative territory, and both moving averages are trending downward, with their descent accelerating in recent days.
Unless buyers show up in force at the 64-cent level, the bearish momentum could intensify. This would increase the likelihood of ADA sliding toward 50 cents, potentially shaking out more long-term holders.
A Make-or-Break Week for Cardano
This week could be pivotal for ADA. With weakening market interest and bearish signals on higher timeframes, Cardano is at risk of further downside. If bulls can hold the line at 64 cents, a short-term recovery may still be on the table. But failure to do so could open the floodgates for a drop to 50 cents or lower.
Investors and traders should watch ADA’s price action closely—this could be the week that sets the tone for Cardano’s summer.
