Usman Salis
Cardano has been facing headwinds after reaching local highs in mid-August, with the cryptocurrency now sitting at a crucial juncture that could determine its near-term direction. As technical indicators flash warning signs and trading volume weakens, all eyes are on key support levels that could either provide a bounce or give way to further declines.
ADA Price Under Pressure After Local High
Cardano hit $1.01 on August 14 but has been sliding ever since. The moving averages are turning negative, showing this isn't just a minor dip but a real shift in momentum with sellers taking control.
Trader @MrGoat3D broke down the situation, noting that while the bigger picture still looks bullish, the drop in trading volume and weakening momentum are red flags. His analysis shows buyers have stepped back, leaving the $0.80 level as the main defense line.
Right now, ADA is trading around $0.82, barely hanging onto support near $0.80. If this level breaks, the next stop could be $0.71, where previous lows might provide some relief for the price.
If $0.71 fails too, analysts are watching $0.57 as a major buying opportunity where smart money might jump in. On the flip side, if ADA can turn things around, the next target up is $1.10.
ADA Price Outlook: Retracement or Breakdown?
The current setup looks bearish, but many traders think this is just a normal pullback within a bigger uptrend. As long as ADA doesn't crash through major support levels, the bullish story toward $1.10 could still play out.
Everything depends on whether buyers show up at $0.80. If they don't, we might see ADA test lower levels before attempting another rally.
Usman Salis
