Cardano Price Declines Below $0.5750, Faces Risk of Further Drop

Cardano (ADA) Price Analysis

  • ADA price declined below $0.580 and $0.5750, currently trading under $0.570.
  • A bearish trend line is forming with resistance at $0.570 on the hourly chart.
  • The price is struggling to maintain above the $0.550 support zone.
  • If ADA drops below $0.550, further declines may occur.
  • Key resistances are at $0.5850 and $0.5920; a close above $0.5920 could lead to a rally towards $0.620.
  • Immediate support levels are near $0.5520 and $0.5300, with major support at $0.50.

Technical indicators show bearish momentum, with the MACD gaining strength in the bearish zone and RSI below 50.