Cardano (ADA) is moving in a bearish to neutral setup on Sunday, February 8, after multiple attempts to break above the $0.33 resistance level, signaling cautious sentiment among traders.
The broader crypto market remains subdued, with Bitcoin and Ethereum consolidating near multi-week lows, contributing to short-term investor uncertainty.
Source: Crypto VIP Signal
According to the crypto analyst Crypto VIP Signal, ADA is trading within a falling wedge pattern on the daily chart, often signaling potential bullish momentum if resistance is decisively broken.
Crypto VIP Signal advises monitoring the $0.33 level closely, as a daily close above this point could confirm upward momentum. Until then, entering new positions may be risky.
Also Read: Cardano Under Pressure: ADA Tests Critical $0.249 Support Zone
Cardano (ADA) Fibonacci Levels Signal Continued Downtrend
According to TradingView, as of Sunday, February 8, the weekly ADA chart indicates that, having reached a high of nearly $1.02 in the middle of 2025, ADA has been unable to recover crucial Fibonacci retracement levels, namely 0.236 at $0.899 and 0.382 at $0.824.
ADA’s bid to hold onto $0.70 has been unsuccessful, as indicated by two consecutive red candlesticks highlighting ongoing selling pressure.
Source: TradingView
The immediate resistance is at the 0.618 retracement at $0.767, where selling pressure might occur if a rebound happens.
On the other hand, support is at the 1.618 Fibonacci extension at $0.196, where a possible bounce might occur if bearish momentum is maintained.
Experts say that there is a continuous formation of lower lows, indicating that bearish sentiment is dominant, and traders should be cautious in entering a long position.
Momentum Indicators Suggest Short-Term Stabilization
The Relative Strength Index (RSI) is currently sitting at 28.66. This means that the asset is considered oversold, and there is a possible short-term bounce or rebound.
The MACD indicator is also in negative territory, with the MACD line trading below the signal line, which means that the bearish momentum is still active.
Source: TradingView
Collectively, these indicators suggest that while selling pressure is still strong, ADA is near a juncture where some form of corrective stabilization or consolidation could be seen.
This could be an opportune moment for traders to clearly gauge the market’s direction and decide on the best course of action.
Also Read: Cardano (ADA) Accumulates Near Support Poised for Move Toward $1.20
