Cardano (ADA) is facing selling pressure as the broader cryptocurrency market experiences profit-taking. In the last 24 hours, $606 million in various crypto assets has been liquidated, according to CoinGlass data.

Cardano has not been spared from the downward sell-off, dropping by 4.52% in the last 24 hours to $0.803.

Amid the price decline, Cardano is testing support at the 200-day simple moving average at $0.792. This technical indicator has defined the price of ADA since late March, with ADA returning above it on May 9.

After a few days of holding above the 200-day simple moving average, the bears are challenging it again, hoping to push ADA below this price level. If that happens, ADA risks returning to its previous range between the 50-day simple moving average at $0.679 and the 200-day simple moving average, which would slow its momentum towards $1.

ADA's price rose to $0.865 in yesterday's session, a key average level against the US dollar, which excited investors. Should positive momentum return to the market, ADA buyers will seek to push the price back to the $0.865 level again to target the US dollar price. On the other hand, support is expected at the 50-day simple moving average at $0.771 in case ADA's price declines.

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