The Cardano (ADA) market is currently facing significant price pressure, leaving traders and investors wondering what comes next. The cryptocurrency, which has experienced a sharp decline in recent weeks, is showing signs of a bearish structure, and the road ahead could be bumpy. As the digital asset approaches key support zones, market analysts are closely monitoring whether these levels will hold or whether ADA will continue its downward trend.

The Current Price Action and Market Sentiment

At the time of writing, Cardano’s price has been tumbling rapidly, with the ADA token recently testing critical support levels. A series of lower highs and lower lows have characterized its price movement since a bullish rally in November. The last significant price drop occurred in January when ADA peaked at $1.13 before a sharp decline took it to as low as $0.845. From there, the price has failed to recover, and the overall market sentiment for Cardano has leaned toward the bearish side.

This decline has brought the price closer to the $0.68 level, which has become a crucial support point for the asset. A failure to maintain this level could indicate further downside pressure for ADA, potentially bringing the price closer to the $0.6 range in the coming weeks.

Key Support and Resistance Levels to Watch

ADA traders are now focusing on key price levels that will determine the next move for the cryptocurrency. According to recent analysis, the $0.68-$0.81 range could form a critical range for ADA in the near future. If Cardano can stabilize within this range, it may form a temporary price consolidation, but if the price fails to hold above these levels, further downside could be on the horizon.

The volume profile chart reveals that the $0.74 level and the $0.59 level are key points where significant price action has occurred in the past. These levels are considered high-volume nodes, which suggests that they could act as important areas of support or resistance. ADA has previously found some support near the $0.74 level, but it remains to be seen whether this will be the case once again.

The $0.82-$0.88 Supply Zone

An additional factor influencing ADA’s future price movements is the supply zone between $0.82 and $0.88. This zone has been a point of resistance for Cardano in recent times, and traders are watching closely to see if the price can break through this area. However, given the current bearish structure and the lack of significant bullish momentum, it’s likely that ADA will continue to struggle in this zone.

What’s Next for Cardano?

As Cardano’s price continues to battle the $0.68-$0.81 range, traders should remain cautious. A brief bounce from these levels is possible, but with the overall market sentiment leaning bearish, the chances of a strong recovery seem slim at the moment.

However, some short-term bullish signs have emerged in lower timeframes. A quick price bounce from the $0.68 support level has provided a glimmer of hope for bulls. This was accompanied by ADA moving beyond the $0.74 high-volume node, suggesting that there might be some accumulation taking place at these lower levels. Despite this, the dominant bearish momentum, as indicated by the Awesome Oscillator, is still in play, although it has weakened slightly over the past week.

The Role of the Cardano ETF Decision

Another critical factor that could impact ADA’s price in the short term is the impending decision on a potential Cardano Spot ETF. The deadline for this decision is set for March 27, 2025, and it is likely to have significant implications for Cardano’s future price action. Many traders are speculating whether recent whale movements in Cardano’s token supply could be a sign of accumulation before the ETF decision. Alternatively, these moves could simply be the distribution of assets ahead of the decision, with market participants trying to position themselves accordingly.

Potential for a Range Formation

At present, the Cardano market is at a crossroads. If ADA can stabilize above the $0.68 level, there is potential for a range to form between $0.68 and $0.81, which could provide a period of consolidation before any further significant moves. This formation might take a few weeks to fully materialize, so patience will be key for traders watching for signs of trend reversal.

If the range forms, it could provide an opportunity for bulls to push the price higher, but the momentum would need to shift decisively to the upside. On the other hand, if ADA fails to hold above $0.68, the downtrend may accelerate, and the price could test lower levels in the near future.

Final Thoughts

In conclusion, Cardano’s (ADA) price is at a critical juncture. The $0.68 support level is being closely watched, and whether it holds or not will play a key role in determining ADA’s next move. Traders are advised to remain vigilant as the market sentiment remains bearish, though some short-term recovery could be possible. The upcoming Cardano ETF decision may also introduce volatility and could act as a catalyst for future price movements.

For now, the prediction remains a continued downtrend for Cardano, but the formation of a price range between $0.68 and $0.81 could offer some brief relief. Ultimately, ADA’s ability to maintain key support levels and shift its momentum will be the deciding factor in the weeks to come.