- ADA remains under selling pressure, with weak momentum and oversold conditions reinforcing the downtrend.
- Shrinking histogram bars hint at a possible slowdown in bearish momentum, signaling a reversal if buying interest emerges.
- Key Levels to Watch – Support at $0.63-$0.65 and resistance at $0.70-$0.72 will determine ADA’s next move amid market fluctuations.
Currently,the ADA market is still under the bears’ radar. However,If this week’s low holds well as support, we can expect a pushback to the broken level before deciding which direction to go next.
At the time of writing, Cardano was trading at $0.7003 reflecting a 0.2% decline in the last 24 hours and a 20.6% drop over the past Fourteen days. With a circulating supply of 35 billion ADA, its market capitalization stands at $25.12 billion.
Technical Indicators Suggest Further ADA Decline
ADA technical indicators highlight oversold conditions. The RSI is currently at 34.16 indicating that ADA is in oversold territory.Thus,the continued downward trend suggests weak momentum, reinforcing the bearish sentiment in the short term.
The MACD indicator further supports this bearish outlook, with the MACD line at -2.74B and the signal line at -2.07B, reflecting sustained negative momentum. The histogram bar of -674.8M shows that while the downtrend persists, its intensity might be weakening, hinting at a possible slowdown in bearish momentum. If the histogram bars continue shrinking, it could signal an impending trend reversal.
However, the dominance of negative momentum suggests that ADA remains under selling pressure. If this trend continues, ADA could test lower support levels around $0.63 – $0.65. Conversely, should buying interest emerge due to the oversold RSI conditions, ADA might rebound toward resistance at $0.70 – $0.72.
Cardano February 11 Outlook
Looking ahead to February 11, 30rates predicts that ADA will trade within a range of $0.6397 and $0.7361.This range reflects the market’s expectations for the next few hours, with ADA likely experiencing moderate fluctuations. Overall, while ADA is currently bearish, weakening negative momentum could indicate a potential trend reversal in the near future.
