- Cardano fades, bouncing off a two-week low on failure to cross key resistances.
- Sustained trading beneath monthly support, 100-day SMA lure ADA sellers amid sluggish oscillators.
- Multi-month-old triangle outlines a broader range, short-term action favors the bears.
Cardano (ADA/USD) slips to an intraday low near $0.6552 during Wednesday’s U.S. session, reversing a previous rebound from a two-week low. The renewed weakness stems from repeated failure to break above the 50- and 100-SMA confluence, along with persistent trading below the 100-day SMA and a former support line. Additionally, a weak RSI and indecisive MACD support further pullback, keeping ADA confined within a six-month Symmetrical triangle.
Technical chart: ADA/USD shows a sign of reversal
During Wednesday’s U.S. session, Cardano (ADA/USD) slipped to an intraday low near $0.6620, reversing a previous rebound from a two-week low. The renewed weakness stems from repeated failure to break above the 50- and 100-SMA confluence, persistent trading below the 100-day SMA and a former support line. Additionally, a weak RSI and indecisive MACD support further pullback, keeping ADA confined within a six-month symmetrical triangle.
Source: Trading view
ADA/USD remains under bearish control after a reversal from the 100-day SMA and a break below a month-long rising support line, now acting as resistance. However, sluggish RSI (14) and mixed MACD signals suggest that the price remains trapped within a descending triangle pattern that has formed since November 2024.
Immediate downside targets for sellers are Tuesday’s low around $0.6430, followed by the $0.6000 level and February’s swing low at $0.5816. The triangle’s bottom, near $0.5200–$0.5125, presents a tough barrier for further downside.
On the upside, resistance near $0.7250 is reinforced by the convergence of the 100-SMA and the previous support-turned-resistance line. If ADA breaks past this, the next targets are the $0.7455 high from last month and March’s peak at $0.7740. A sustained move above $0.7740 could open the door to $0.8400, with the triangle’s upper boundary around $1.0600.
ADA/USD: Four-hour chart
Source: Trading view
Looking closely, a month-old rising trend line, now near $0.6460, draws immediate attention from ADA/USD sellers. On the upside, the 50-SMA and 100-SMA offer resistance around $0.6875–$0.6900, while a descending trend line from late March near $0.7200 adds further challenge for Cardano buyers.
To sum up, sellers are likely to maintain control, although the path south could be slow and volatile.
