- Cardano (ADA) has dropped to $0.60, marking a 10% decline over four days amid broader crypto market weakness.
- While it faces strong resistance ahead, oversold indicators suggest a potential short-term rebound.
Cardano (ADA), the tenth-largest cryptocurrency by market capitalization, is facing a tough week as it tumbles to a low of $0.60—marking a 10% decline from its April 13 high of $0.668. If the trend continues, this will be ADA’s fourth straight day in the red.
At the time of writing, ADA is trading at $0.606, down 4.7% in the last 24 hours. The drop aligns with a broader market pullback, as Bitcoin (BTC) and other major cryptocurrencies fell over 3%, likely due to profit-taking during the Asian trading session.
Cardano Struggle Below Key Levels
ADA’s recent dip to $0.60 follows a volatile weekend where it rallied from $0.618 to $0.667 before being met with heavy resistance. Despite the bounce attempt, bearish pressure overwhelmed the bulls, sending prices downward amid a wave of selling.
Trading data shows that volume spikes have accompanied the downtrend, a sign that sellers are still in control. ADA’s daily chart reveals that it faces strong overhead resistance at the 50-day and 200-day moving averages—currently positioned at $0.708 and $0.746, respectively.
Is a Bounce Brewing?
Though the short-term trend appears bearish, momentum indicators suggest Cardano may be entering oversold territory. This could open the door for a technical rebound, especially if accumulation continues near the $0.60 level.
Another potential scenario is that Cardano is consolidating within a broad range between $0.51 and $0.77. If this holds true, traders might see some choppy action before any decisive breakout—either higher or lower.
Wait and Watch Mode for ADA
Cardano’s current correction mirrors the broader risk-off sentiment in the crypto market. While the dip to $0.60 is concerning, technical indicators hint at a possible short-term recovery if buyers regain control. For now, ADA remains in a tight spot, and traders will be watching closely to see if support holds—or if the altcoin is headed for deeper waters.
