Cardano (ADA) Price Analysis

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Cardano’s ADA price today is at $0.6099, marking a 2.42% fall over the past day. Its market valuation has dropped to $21.55 billion, reflecting a 2.44% loss. Meanwhile, the 24-hour trading volume has plummeted by 17.32% to $597.75 million, highlighting declining interest from short-term traders.

From a technical standpoint, ADA is currently trading within the accumulation zone between $0.51 and $0.62. Which has historically been an accumulation zone before potential breakout rallies. However, recent candles on the 4-hour chart show ADA struggling below the Bollinger mid-band, suggesting continued selling pressure.

The RSI sits near 34.97, making its way to the oversold territory, which could hint at a short-term relief bounce, provided the momentum improves. However, the RSI still lags below the signal line at 42.89, pointing to weak bullish conviction.

That being said, ADA faces strong resistance in the $0.75–$0.78 range. It is worth noting that it is the zone that failed to breach during past rallies. Until it reclaims $0.62 and re-tests the $0.70 zone, ADA remains vulnerable to further consolidation or downside.$ADA