• ADA slips 4.06% to $0.8499 as trading volume plunges 44.1% to $1.2B, showing weaker market activity.
• Cardano posts an 8.8% weekly decline, reflecting ongoing selling pressure and low investor confidence levels.
• RSI at 53.03 and MACD show weakening momentum, bulls must push ADA above $0.90 to regain bullish bias.

Cardano (ADA) is currently trading at $0.8499, which represents a 4.06% loss in the last 24 hours. There was also a sharp decline in trading volume by 44.1% to $1.2 billion, signaling that the market was weak. This downtrend in volume is an indication of less activity by traders and a bearish orientation in the market.

Source: CoinMarketCap

Consistent selling pressure has been observed in Cardano throughout the week. The price of the coin declined by 8.8% over the past week, and it likely implies the continued low level of investor confidence. 

ADA Faces Bearish Pattern with Key Support at $0.74–$0.77

Alpha Crypto Signal, a cryptocurrency analyst, highlighted that ADA has developed a bearish AB=CD pattern. The downward pressure was escalated by the rejection around $0.95. Currently, the ADA is below the 9-day EMA at $0.88, signifying a decrease in momentum. The risks to correction are rising unless the bulls lift the price above the key resistance levels.

The support levels are still crucial in determining the future direction. The strong support is at around $0.74 and $0.77. Any break of this range will see ADA drop to the $0.70-$0.68 levels. Bulls will have to regain the mark of $0.90 to change the momentum back to positive. Otherwise, bearish sentiment would prevail.

Source: X

Also Read: XRP Price Forecast: Bearish Signals Dominate but $3.41 Target Still in Play

RSI and MACD Signal Weakening Momentum

The Relative Strength Index (RSI) shows diminishing momentum. The current RSI is 53.03 with a signal line at 61.03. The indicator suggests a neutral stance, but it leans towards bearish sentiment. A further decline in the RSI may confirm the rising sell flow and indicate future possibilities of stronger declines in the ADA price pattern.

The MACD provides the same indications. The MACD line stands at 0.0323, and the signal line at 0.0363. The histogram is negative, 0.0040, indicating a downtrend in the trend. The crossover of MACD with the signal line implies gathering bearish strength. 

Source: TradingView

Volume Drop and Open Interest Decline Signal Bearish Outlook

According to CoinGlass data, the volume of trading decreased by 29.92 percent to $3.68 billion. Open interest decreased by 5.12 percent to $1.54 billion, which served to reinforce the bearish argument. The OI-Weighted Funding Rate is 0.0091%, which is slightly positive but not enough to counteract diminishing volumes.

Source: CoinGlass

ADA is ongoing with bearish pressure. Both RSI and MACD signal that momentum is fading. The volume and open interest have dropped, as investors become less invested in the market. ADA needs to recapture and maintain $0.90 to calm the downside risks. The market performance of Cardano is bearish, with sellers in control.

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