Cardano Price Faces Critical Pivot as Bearish Pressure Mounts
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Cardano price has dropped 7.34% in the last 24 hours, extending towards its lowest point since 2024. This decline outpaced the broader market dip, and it appears to be driven by a combination of geopolitical tensions coupled with the hawkish Federal Reserve expectations. As it stands, these macro pressures have triggered a massive risk-off sentiment, leading to over $1.7 billion in liquidations across the crypto asset space.
At the moment, Bitcoin is falling, while ADA is suffering more due to some weaknesses. Without an immediate catalyst to spring it back to the upside, the Cardano price could become very vulnerable.
Currently, Cardano trades at $0.3220 with over 75 million traded volumes on the daily timeframe.
Technical Indicators
Major Resistance Levels: $0.3704, $0.3850, and $0.4220
Major Support Levels: $0.3300, $0.3000, and $0.2700
Technical Analysis
Technically, as seen on the daily timeframe, the market condition suggests that the Cardano price remains firmly under the control of sellers. As it stands, the token has failed to maintain its position above the downward-sloping SMA, suggesting a strong bearish trend.
From another angle, the Stochastic Relative Strength Index (SRSI) has dipped into the oversold region with the blue line hitting 20.56. This signals that while the market appears oversold, the sellers still want more gains. To this end, the price action might reflect the formation of a lower high structure, unless buyers can reclaim the $0.3704 level on a daily close. However, till then, the path of the token remains downward toward the $0.27 support zone.
Preparing for Cardano Price Move
Cardano price has been confirmed to be on a persistent downtrend correction. Now, the previously considered bullish one-two setup has been removed from the chart as the price tested its invalidation point. Meanwhile, the current decline is viewed as a diagonal structure, suggesting a shift can still be recorded.
As it stands, the current projections suggest ADA is unfolding in a C-wave to complete a larger three-wave cycle. However, a brief B-wave bounce may be seen even though it may appear weak. At this point, resistance is firmly set at $0.364, and a trend reversal will only be considered once a definitive five-wave move upward occurs.
ADA/USDT Analysis: Price Consolidation Amidst Oversold Signals
The Cardano price on the shorter timeframe is attempting to find a temporary floor after the recent sharp decline. Signals from the Stochastic RSI show extreme oversold levels have been reached, a condition that often precedes a minor bounce.
However, the 4-hour moving averages remain bearishly configured, with the shorter-term averages trending steeply below the longer-term ones. This suggests that any upward movement in the short term is likely to meet heavy selling pressure. To this end, for a trend reversal to be considered on this timeframe, the price would need to break and hold above $0.3257 even with the intense bearish control.
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