Cardano (ADA) retested significant long-term support amid a deepening downtrend. The cryptocurrency traded at approximately $0.2656, showing daily and weekly losses as market pressure intensified. Technical analysts emphasized that ADA must reclaim the $0.305 resistance level to signal diminishing bearish pressure and confirm structural strength. Futures data indicated a negative funding rate and declining open interest, while momentum indicators like RSI and MACD pointed to continued weakness with potential for a shift.
Cardano’s ADA tested a major long-term support zone, extending its corrective phase in a weakening market. The asset was trading at $0.2656 with a daily loss exceeding 2% and a weekly decline of over 10%, as CoinMarketCap data shows.
Analyst More Crypto Online highlighted that ADA may have attempted to set a significant low last week. He stated that confirmation requires ADA to break relevant resistance levels.
The analyst explained that reclaiming the $0.305 level is necessary to show diminishing pressure on the asset. He emphasized the need for the coin to make a strong and impulsive move before a potential recovery.
Another analyst, Karman Asghar, noted ADA remains bearish in lower time frames. A trendline break is still required to change the current momentum.
CoinGlass data shows futures volume declined to approximately $790 million, with open interest falling to $418 million. The Open Interest Weighted Funding Rate was negative at -0.0096%, indicating a slightly bearish market sentiment.
The Relative Strength Index (RSI) reading of 33.45 pointed to weak buying pressure. The Moving Average Convergence Divergence (MACD) histogram at -0.0025 confirmed the prevailing bearish momentum.
Analysts warn the price could still move sideways with irregular swings. Until key resistance is broken, the short-term structure remains cautious.
