Altcoins News
By Maheen Hernandez
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Cardano (ADA) is facing intensified bearish pressure as the crypto market shows signs of exhaustion. With ADA battling to hold the psychological $0.
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The daily price chart of Cardano paints a bearish picture. ADA has broken below a key consolidation range and is approaching a long-established ascending support trendline.
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Following a steep 12.41% drop over the weekend, Cardano now sits precariously near the 23.60% Fibonacci retracement level at $0.5346.
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One of the major concerns among technical analysts is the looming death cross on Cardano’s daily chart.
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In terms of momentum, the True Strength Index (TSI) currently stands at -0.91, indicating a strong bearish trend.
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Should a bullish bounce occur from current levels, ADA could aim for the next Fibonacci resistance at the 38.20% level, located at $0.6673.
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For now, Cardano's price action remains at a critical juncture. The battle between bulls and bears continues at the $0.50 zone, and the next few trading sessions will be pivotal.
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