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Cardano (ADA) is trading in a descending channel, suggesting ongoing bearish pressure. What’s next for ADA?
Cardano has faced substantial bearish pressure lately and struggles to recover, as other major altcoins gain bullish momentum. As of writing, Cardano was trading at $0.6521, a 0.79% surge in the past 24 hours. Cardano is struggling to maintain above $0.63 as the price consolidates inside its descending channel pattern.
Traders are closely watching Cardano’s bearish pattern formation, wondering what could be next. According to Ali Martinez on X (formerly Twitter), the $0.63 stands as a critical support for the coin. A break below this level could trigger a downswing toward $0.54.
Cardano’s 24-hour RSI stands at 47, at press time, per Cryptowaves data. This is a lower neutral zone, in that ADA is slightly oversold as bears take charge. However, it has risen to 57 on the 4-hour timeframe, indicative of a bullish sentiment.
As the bulls and bears engage in a tug of war, one should watch for ADA’s price action at the $0.63 key support level for further insights.
