TLDR

Cardano (ADA) price fell below $0.60, dropping to $0.511 before recovering slightly to $0.556
Technical indicators show bearish momentum across multiple timeframes
ADA trades below all major EMAs (20, 50, 100, 200) on the 4-hour chart
Immediate resistance stands at $0.6240, with $0.50 as primary support
A recovery attempt is underway but faces significant resistance at the $0.60 level

Cardano (ADA) has entered a corrective phase, falling below the critical $0.60 mark after breaking key technical support zones. The cryptocurrency dropped to $0.511 before recovering modestly to $0.556, though analysts consider this bounce potentially short-lived.

The breakdown from the $0.63-$0.65 range and failure to reclaim the $0.690 descending resistance highlight strong bearish control in the market.

The move also invalidated a symmetrical triangle pattern that had been forming since mid-March, signaling a continuation of downside momentum.

Cardano
ADA Price

Technical indicators remain bearish across multiple timeframes. On the 4-hour chart, ADA trades below all major exponential moving averages (EMAs): the 20, 50, 100, and 200 periods, reinforcing sustained downward pressure.

The Moving Average Convergence Divergence (MACD) indicator maintains its bearish position. The histogram is only beginning to contract with no bullish crossover in sight.

The Relative Strength Index (RSI) hovers near oversold levels at 31.89, while the Stochastic RSI suggests a possible short-term bounce but lacks confirmation.

Price action continues to remain below the mid-band of the Bollinger Bands, keeping the outlook skewed to the downside.

Support Zones at Risk

The breakdown opens the door to a retest of lower support levels. Immediate resistance stands at $0.6240, with further upside blocked by the $0.690 rejection zone.

On the downside, $0.50 is now the primary support level. A break below could send ADA into the $0.42-$0.44 demand band, last tested in October 2023.

This zone aligns with a bearish flag target and the 1.618 Fibonacci extension near $0.37, suggesting possible deeper losses.

Daily trendlines paint a similar picture, as ADA has broken out of a rising wedge and now trades well below its multi-month ascending trendline.

The 23.6% Fibonacci level at $0.7152 has also failed to hold, suggesting that bullish retracement attempts have been invalidated in recent market action.

Recovery Attempt Underway

Despite the bearish outlook, Cardano has started a recovery wave from the $0.510 zone. The price cleared the $0.540 and $0.5550 levels, along with the 50% Fibonacci retracement level of the recent decline from $0.6712 to $0.5106.

However, the recovery faces immediate resistance near the $0.60 zone, with a bearish trend line forming at this level on the hourly chart.

If Cardano can close above the $0.6320 resistance, it could start a stronger rally toward the $0.680 region, with further potential to reach $0.70 in the near term.

On the downside, immediate support sits near $0.5680, followed by $0.5550. A break below these levels could open the doors for a test of $0.5320, with the next major support near $0.50.

Unless ADA reclaims $0.6240 with strong volume and indicator confirmation, analysts believe any bounce should be treated as corrective.

The overall structure remains tilted to the downside with bearish control reinforced across trend, momentum, and volatility indicators as ADA continues to struggle below the $0.60 level.

Cardano’s recent price action aligns with broader weakness seen in the cryptocurrency market, including Bitcoin and Ethereum, which have also faced selling pressure in recent days.

The post Cardano (ADA) Price Prediction & Analysis: New Lows in Play as Downtrend Accelerates appeared first on CoinCentral.

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Filed under: News - @ April 8, 2025 7:47 am