Cardano (ADA) is navigating a challenging period, as recent market analysis indicates a significant price decline and a prevailing bearish sentiment across various timeframes. Following a failure by bulls to sustain growth, most cryptocurrencies, including ADA, have re-entered the red, prompting a closer look at its immediate and midterm price trajectories.
Immediate Price Outlook
In the immediate term, Cardano (ADA) has seen a decline of over 10% in the last 24 hours. The price currently hovers near a local support level of $0.4117 on the hourly chart. With much of the daily Average True Range (ATR) already exhausted, significant sharp movements are unlikely by tomorrow. However, if ADA fails to bounce back by the end of the day, traders should anticipate a potential correction further down to the critical $0.40 zone, signaling continued short-term pressure.
Midterm Trajectory
Looking at longer time frames, a key level to monitor is $0.4091. A decisive breach of this support could unleash accumulated selling energy, potentially driving ADA into the $0.37-$0.40 range. From a midterm perspective, the current weekly candle is closing bearishly. Should buyers fail to reclaim momentum and seize the initiative in the coming days, there is a high probability of a level breakout, potentially leading to a test of the $0.35 mark. At press time, ADA is trading at $0.4161, with a clear need for buyer intervention to avert further declines.
