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Cardano ADA $0.21 Cardano -4.58% Market capitalization $7.82 billion VOL. 24 hours $24.95 million continues to lose ground: the price has dropped below $ 0.5750 and is now consolidating near the $ 0.550 support. On the hourly chart of ADA/USD, a bearish trend is forming with key resistance at $ 0.570, and the price is trading below the 100-hour simple moving average.
If ADA fails to overcome the resistance at $ 0.570−0.5850, there is a risk of further decline. The main support is now at $ 0.5520 and $ 0.5300. In case of a breakout of $ 0.530, the next target for the bears could be the $ 0.5120−0.50 zone, where buying interest is likely to reappear.
Technical indicators indicate that negative pressure will persist: The MACD is strengthening in the bearish zone, and the RSI has dropped below 50. To reverse the trend, ADA needs to gain a firm foothold above $ 0.5920, and only then can it move to $ 0.62 and $ 0.6350.
Bottom line: Cardano is still under pressure, and another downward momentum is possible if the support at $ 0.550−0.530 is lost.