Cardano $ADA is currently trading around $0.657, showing signs of continued bearish pressure after failing to break through the key resistance zone between $0.68 and $0.70. Over the past two days, ADA has steadily declined from the mid-$0.68 range, indicating a loss of bullish momentum following a rejection at the 200-EMA on the 4-hour chart.
The broader market slowdown is clearly reflected in ADA’s price action, with traders now closely watching near-term support levels for clues on the next move. On the 4-hour timeframe, $ADA remains below all major exponential moving averages — the 20, 50, 100, and 200 — pointing to a short-term bearish trend.
Since early May, Cardano has been forming a pattern of lower highs and lower lows, confirming a sideways-to-negative trajectory. The recent drop below the ascending trendline that formed on April 21 adds to the downside risk, exposing the asset to further potential weakness.
Why ADA Is Falling: Technical Indicators Signal Pressure
Technical indicators support the bearish narrative. The Relative Strength Index (RSI) is currently hovering near 35, suggesting persistent selling momentum, though not yet in oversold territory. This leaves room for further downside unless bullish support kicks in soon.
As we head into May 7, ADA traders should keep an eye on key support levels and watch for any signs of bullish reversal. Until then, the short-term outlook remains cautious.