The encryption market is witnessing a big boom in selling pressure, which leads to a huge qualifier of about $ 1.5 billion. Amid such circumstances, Cardano (ADA) is trading at $ 0.55, and a decrease is approximately 13 % in the past 24 hours. With the maximum current market of $ 19.56 billion, Ada is still the largest encrypted currency through the evaluation.
Amid the increase in the supply, the trading volume has risen to $ 1.6 billion during the past 24 hours. This increase in size, as the price decreased, the increasing demand between merchants. Will this break the ADA price less than $ 0.50?
Cardano prices analysis
Cardano’s price has been declining since December 2024 after the sudden bull race. During this declining direction, the direction of ADA made its highest levels and lower lower.
The descending trend line that connects the highest points since December 2024 can be observed. This trend line has been a strong resistance, which constantly prompted the price to a decrease every time it approaches.
Cardano fell approximately 55 % of the peak in December at $ 1.23 to the current price level of $ 0.55. This increases the declining anticipation of the collapse of $ 0.50.
The rectangular monotheism, which was formed between March and early April, has now erupted to the negative side. This indicates the continuation of the downward trend.
Cardano is trading less than all the decisive daily Emas (20, 50, 100, 200) at $ 0.55. There is a large gap of 17 % of the closest EMA at $ 0.66.
Form 20 EMA below the 50 EMA in late March, the “Cross of Death”, a sign of continued direction.
MACD was down with -0.0105, -0.0396 and -0291 readings. The chart in negative lands, the MACD line remains below the signal line, which confirms the current downward trend and suggests a potential continuous pressure.
ADA price goals
Currently, the main resistance levels, based on Fibonacci levels, are 50 % at $ 0.77 and 0.382 at $ 0.88. Currently, immediate support from the current price area arises about $ 0.65, while the strongest support sits at 78.60 % Vibonacci at $ 0.51. The bulls will have to defense to prevent any other accidents.
If the ADA price decreases to less than the current price level at $ 0.55, the next goal will be a sign of $ 0.48 along the descending trend line, followed by $ 0.40. If ADA collapses above the current level, the first goal will be 0.618 Fibonacci at $ 0.67, and it is likely to challenge the level of 0.5 at $ 0.77.
The bears are dominated by Cardano’s futures, amid great vibration
the Open attention Cardano is now 310.2 million dollars, with the value of permanent contracts of $ 309.4 million. Open interest has witnessed a significant decrease in the past 24 hours, as all types of contracts have witnessed a decrease of 15.11 %. This autumn coincides with the open attention in the lower direction of prices with huge filters that reflect a great vibration of traders.
The financing rates have been negative over the past days, and are now standing at a speed of -0.0172 %. Historically, long negative financing periods often come before the price is increased as short positions must be at the end.
