Cardano (ADA) has the potential to decline according to analysts, check out the technical analysis!

Jakarta, Pintu News – In recent days, the price of Cardano (ADA) has experienced a significant decline. After falling below the $0.60 level, ADA continued to slide past support at $0.550 and $0.540. A new low was formed at $0.5106 before the price started trying to recover. However, challenges still lie ahead with strong resistance below $0.620 and the 100-hour simple moving average.

Recent Cardano Price Movements

Cardano is currently in a recovery phase after hitting a new low at $0.5106. Despite attempts to recover value, Cardano is still trading below $0.620 and the 100-hour simple moving average. The first resistance it may face is in the $0.60 zone, more precisely at $0.610, which is the 61.8% Fibonacci retracement of the last drop from $0.6712 to $0.5106.

If the price manages to break and close above $0.6320, there is potential for a strong rally. On the other hand, if Cardano fails to break the $0.60 resistance, the price could drop again. Immediate support is at $0.5680, followed by major support at $0.5550. If the price breaks below $0.5550, this could open up opportunities to reach $0.5320.

Also Read: Bitcoin (BTC) is recovering, but big hurdles still loom in April 2025

Technical Indicators and Short-Term Predictions

Based on the hourly Moving Average Convergence Divergence (MACD) indicator, the bearish momentum is starting to lose its strength. Meanwhile, the hourly Relative Strength Index (RSI) for ADA/USD is now above the 50 level, showing some strength in the price recovery. However, the success of this recovery largely depends on Cardano’s ability to break and hold above the mentioned resistance levels.

Otherwise, Cardano may face further declines that could worsen the already existing bearish conditions. Investors and traders should pay attention to these support and resistance levels as they will largely determine Cardano’s price direction in the coming days.

Potential Impact on Cryptocurrency Market

Cardano’s price movements don’t just affect investors and traders directly involved with ADA. These fluctuations could also give an indication about broader market sentiment in the cryptocurrency industry. For example, Cardano’s failure to recover its position above a key resistance could raise concerns among investors about the potential for further declines in the market.

Conversely, Cardano’s ability to overcome resistance and initiate a rally could have given the market a positive signal, possibly triggering an increase in investor confidence and pushing up prices in other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

Conclusion

Taking into account all technical and market factors, the future of Cardano (ADA) price seems to be greatly influenced by its ability to overcome the existing resistance. Investors and traders should remain vigilant and update their strategies according to the latest price developments.

Also Read: First XRP ETF in the US Launched, Provides New Investment Opportunities!

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News to get the latest information about crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu Crypto via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Cardano (ADA) Eyes Resistance at $0.60. Accessed on April 8, 2025
• Featured Image: Generated bu AI