Cardano (ADA) is under selling pressure, dropping around 1% in the past 24 hours. Over the last week, the token has fallen nearly 2.25%. Despite small intraday swings, ADA remains in a cautious trend, as bearish sentiment continues to dominate.
Cardano is currently trading at $0.3501, with a 24-hour trading volume of $460.01 million, down 21.39% over the past day. Its market capitalization is $12.58 billion, reflecting a slight decrease of 0.79% as the token faces continued selling pressure.
Also Read: Cardano (ADA) Holding Critical Zone: Is a Breakout to $0.61 Possible?
Cardano Price Action Shows Strong Downtrend
ADA remains in a clear daily downtrend, making consistent lower highs and lower lows since September. The price trades below all major SMAs, which are bearishly stacked, showing strong downside control. Momentum is weak, volatility is tight, and recent candles reveal failed recoveries, suggesting no confirmed trend reversal yet despite minor intraday bounces.
Bollinger Bands suggest the price remains close to the lower band, reflecting the bearish pressure despite the oversold situation. The levels to watch are $0.35, then $0.33. Below $0.33 on a daily close, targets would then emerge at $0.30. In the case of accelerating selling due to a depletion of demand, a risk appears at $0.28-$0.26, due to a lack of demand areas.
If the prices bounce, they may test the resistance level of $0.37, where the 20-day moving average and Bollinger Bands are located. Higher resistance levels may be seen at $0.41-$0.42, then $0.55, and $0.66. The bears will change their stance only when the markets close above $0.41 on a daily closing basis and form a higher low.
Educational Push Through Binance Partnership
ADA partnered with the Binance Academy to create a course called “Cardano Fundamentals.” The course is free and can be taken at one’s own pace. The course was designed to give students a clear understanding of the innovations in the ADA system in comparison to other systems.
This course is for anyone who is curious about the concept of blockchain technology. The course covers the ecosystem of the Cardano platform, how the platform reaches a consensus, and the advantages of the platform. The collaboration demonstrates how committed the Cardano platform is to educating people and encouraging them to use this technology.
Also Read: Cardano (ADA) Tests Critical Support: Is a Rally Toward $1.14 Possible?
