- ADA struggles near $0.7122 as selling pressure limits bullish breakout attempts
- Weakening volume below $800M signals fading buyer interest and possible downside
- MACD turns bullish and RSI climbs, hinting at a potential short-term ADA rebound
Cardano (ADA) started April 30 strong, opening around $0.7122, but failed to hold momentum. The price has since dropped to $0.6945, reflecting a 2.50% decline within the day and positioning ADA for a volatile start to May.
Despite some early upward movement, the overall session was dominated by selling pressure. This reflects uncertainty among traders and hesitation to push the price higher without stronger market support.
Volume Slips as Market Support Weakens
Besides price action, a closer look at volume, resistance, and support levels reveals where ADA might head next. Trading volume has dropped 5% to $785.52 million, indicating that buyer enthusiasm is fading.
Lower volume often points to weakening momentum, which can lead to consolidation or extended downside unless market sentiment shifts.
Related: ADA Price Prediction: Bulls Eye $0.80 Breakout as ETF Bets Build Up
Support and Resistance Zones Guide Near-Term Moves
ADA faces key resistance at $0.7122, which aligns with its opening price and previous local high. This level has already acted as a ceiling during early attempts to climb. A secondary resistance lies just above at $0.715, where a minor intraday spike occurred. If bulls regain control and push ADA above these zones, a short-term recovery could gain traction.
On the flip side, ADA finds nearby support at $0.690, a psychologically important level. This mark briefly halted the decline earlier in the day. However, stronger support sits at $0.685, which has emerged as the lowest price point on the current chart. A breakdown below this level could accelerate the sell-off and invite further losses.
Technical Indicators Show Mixed Signals
On the technical front, the MACD shows early bullish divergence, with the MACD line crossing above the signal line in positive territory. The small green histogram bars support the idea that buyers are starting to step in, though conviction remains low.
Related: Cardano’s Pivotal Moment: Can ADA Break $1.25 and Ignite a Bull Market?
Moreover, the RSI stands at 55.35, suggesting a neutral-to-bullish stance. It’s climbing from previous oversold levels, which typically precedes short-term recoveries. However, it’s far from the overbought zone, leaving room for further upside if sentiment shifts.
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