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Highlights
- Cardano's price is hovering above the $0.653 support level, with a potential 30% correction to $0.506 if it breaks down.
- Technical indicators like RSI and Awesome Oscillator suggest an overwhelmingly bearish outlook for ADA.
- The outlook for XRP remains dependent on Bitcoin's price action, but ADA's fate seems sealed if it breaks below $0.653.
Cardano price analysis outlines a make-or-break scenario for ADA as it hovers above the $0.653 support level. A bounce here could prevent further losses, but a breakdown of this key barrier could lead to a 30% correction to $0.506, a critical liquidity area. What can investors expect?
Cardano Price Analysis
Cardano’s price has produced three distinctive lower highs since the December 2, 2024, peak of $1.326, highlighting the predominant bearish trend. The 22% crash since May 23 has knocked ADA down toward the $0.653 support level. This barrier served as a foothold for bounce four times in the past four months. Hence, a revisit of this level could lead to a strong reaction.
Will ADA bounce from this critical support level or crash below it?
Technicals like the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest an overwhelmingly bearish outlook. The recent Bitcoin price drop has triggered a crash in crypto prices across altcoins.
- The RSI has flipped below the 50 mean level, suggesting a bearish momentum and a seller regime.
- The AO has produced the first red histogram below the mean level of 0, indicating that the bears are in control.
The bearish Cardano price analysis, combined with Bitcoin’s fragile state following a near 7% decline over the past four days, suggests that ADA is poised for a drop.
Key Levels to Watch for ADA Investors
- Should investors buy this drip? Investors should watch how Cardano’s price reacts to retesting the $0.653 support level. If the Bitcoin price sell-off halts, the chances of a bounce from the aforementioned level would increase. In such a case, investors can consider buying ADA.
- However, if Bitcoin’s bearish outlook persists, then a breakdown of $0.653 could push Cardano price to sweep the equal lows at $0.506. A sweep of the sell-side liquidity here would increase the buying pressure. If sidelined buyers decide to step in, a reversal for ADA is highly possible.
- Beyond $0.506, investors must also pay attention to the $0.399 support level, which is the upper limit of three-month consolidation that catalyzed a 200%+ breakout move in the fourth quarter of 2024.
Cardano (ADA) Price Today
Per CoinGecko data, Cardano (ADA) has dropped by 5.8% in the past 24 hours. As of May 31, the price trades at $0.669. With the monthly close a few hours away, ADA is at breakeven and may close the candlestick on a bearish note. The weekly candlestick remains bearish, with a 13% drop from its peak of $0.864.
For a long-term price prediction of Cardano price stretching from 2025 to 2030 – Read This
Frequently Asked Questions (FAQs)
1. What is Cardano's current price?
2. What are the potential support levels for ADA?
3. Is Cardano's price expected to bounce or break down?
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