Saad Ullah
Cardano (ADA) fell 2.43% yesterday, with technical signals pointing to more downside ahead. The crypto could test the $0.70 support zone as bulls struggle to regain momentum in the current market.
ADA Price Breaks Key Support Level
Most cryptocurrencies are still trading in the red, and Cardano is no exception. According to CoinStats data, bulls are trying to get back in the game, but they're having a tough time making any real progress.
Looking at the hourly chart, ADA has dropped below the important $0.7622 support level. This isn't great news for holders. If things don't turn around by the end of today, we could see the price test the $0.75 mark next.
Cardano (ADA) Technical Analysis Points to Further Decline
The daily chart shows Cardano heading toward the $0.7212 support level. This is where things get interesting. If the daily candle closes below this level, there might be enough selling pressure to push ADA down to the $0.70 zone.
That would be a pretty significant drop from where we are now. It's the kind of move that could either shake out weak hands or bring in bargain hunters looking for a good entry point.
What's Next for ADA Price?
From a medium-term view, ADA isn't really near any major technical levels right now. This makes the current situation a bit tricky to read. Traders should keep an eye on how the candle closes compared to previous lows.
Here's the key level to watch: if ADA closes below $0.76, we could see that move to $0.70 happen pretty quickly. It's one of those technical breaks that often leads to more selling once it happens.
Saad Ullah
