Cardano (ADA) Price Today Is Trading at $0.657, Reflecting Continued Selling Pressure After Failing to Reclaim the $0.68–$0.70 Resistance Band

The price of Cardano (ADA) dropped by 0.86% in the 24-hour period leading up to 07:48 ET on Friday, extending its downward trend from the mid-$0.68s over the past 48 hours.

As the broader crypto market encountered a pause in its bullish momentum, traders are now turning their attention to short-term support zones to anticipate the next major price movement.

Remaining Trapped: Key Levels and Technical Indicators

On the 4-hour chart, at the time of writing, ADA was still trading below all major exponential moving averages (20, 50, 100, 200), indicating a bearish short-term outlook.

The price action of Cardano had become sideways to negative, forming lower highs and lower lows since the beginning of May.

The recent breakdown from an ascending trendline that had been in place since April 21 was exposing ADA to more downside.

Relative Strength Index (RSI): At 35, the RSI signaled sustained selling pressure but no oversold extremes yet.

Moving Average Convergence Divergence (MACD): In the 4-hour chart, MACD was in the red zone with increasing histogram bars, implying evisceration of momentum.

Stochastic RSI: Located in the oversold zone below 20, awaiting a crossover for potential bounces.

Kijun-Sen and Tenkan-Sen: Chart used to identify trends in an asset’s price movement over time.

As the price of ADA moved below the Kijun-sen and Tenkan-sen lines on the 4-hour chart, it entered a light grey cloud, which was currently in a negative span.

This technical analysis signaled short-term bearish sentiment and raised a flag of caution for buyers.

However, sellers might encounter resistance if the price of Cardano managed to stay above the $0.672-$0.682 pivot area.

From a pattern perspective, the 30-minute and 4-hour charts displayed clear descending channels and unsuccessful breakout retests, placing more pressure on the coin.

Cardano’s price volatility was seen to be tightening as the asset consolidated below a round-numbered resistance, which could be a factor in preparing for a larger directional move.

What Next For The Price Of ADA?

If the price of ADA slipped below the $0.644-$0.650 demand zone, which coincided with a horizontal base and the lower boundary of the Bollinger Bands, it could invite swift losses toward the $0.625 and $0.60.

This bearish outlook was further supported by the Fibonacci retracement from March’s swing low to April’s high, placing the 0.618 level at around $0.62.

On the other hand, if the price of Cardano managed to defend the current support and showed bullish divergence on the RSI or MACD, a recovery toward the $0.672 and $0.688 could be on the cards.

Any breakout and sustained trading above the $0.688 would create room for retesting the $0.70 and $0.726 zones, which had previously capped the price spikes in April.