- Cardano (ADA) remains locked in a firm downtrend with sellers in control.
- Technical indicators show weak momentum and limited buyer interest.
- Key support sits near $0.45, with deeper risks below that zone.
- New partnership aims to expand institutional access to Cardano assets.
Cardano (ADA) remains well below every major moving average, underscoring the strength of the ongoing downtrend. The price continues to drift along the lower Bollinger Band, signaling that sellers are firmly in control while buyers show little conviction. Daily candles remain small and mostly red, indicating hesitation and persistent pressure with no meaningful signs of a potential reversal.
The next support level is at $0.45, which has been ranging for several days. If this support is broken, it could lead to further declines at levels such as $0.43, $0.40, or could go all the way to $0.35. These could act as temporary halts in the downward process, pending whether support levels are developed to correct the market.
If any recovery is to begin for ADA, it will have to recapture $0.50, then test the more significant level at $0.54, which is associated with its 20-day moving average. Stronger levels of resistance are in play at $0.63-$0.64, where the 50- and 100-day moving averages meet, with an even more substantial level lurking at $0.75. Anything above $0.54, though, could indicate a shift in momentum.
Also Read: Cardano Under Pressure: ADA Could Retest $0.43 if Selling Continues
Indicators Signal Weakness as Bearish Momentum Holds
The RSI stands at 30.43, indicating that the sellers are in complete control, pushing it closer to an oversold region. It’s also below the smoothed line, which is pegged at 35.51. It’s yet to demonstrate any level of strength, indicating that it’s leaning to the bearish side.
The MACD, too, reflects a bearish market with both lines in the negative region and with a slightly negative histogram value of -0.00378. Momentum slows down, although it’s not sharp, indicating that there’s not yet any sign of turning in the market due to the lack of a positive cross.
Partnership Aims to Expand Access for Cardano Assets
Iagon and Snek, two projects within the Cardano ecosystem, have announced a partnership aimed at bringing Fireblocks support to all Cardano Native Tokens (CNTs). Fireblocks, an institutional-grade platform for digital assets, is likely to provide storage and operational functionality for the ADA token, along with other CNT tokens.
This development could significantly increase the likelihood of CNTs being listed on major exchanges, while offering Fireblocks-based institutions an easier way to interact with Cardano. If successful, this could increase institutional support for and exposure to Cardano.
Also Read: Cardano Momentum Improves as Openbank Brings ADA to Millions in Spain
