- Cardano faces key resistance at $0.7321, with a potential breakout toward $0.75.
- ADA’s RSI signals oversold conditions, suggesting a possible near-term reversal.
- Cardano’s price may rise 26.58% by February 2025, with a range from $0.70 to $1.05.
Cardano (ADA) has experienced notable volatility recently, with the cryptocurrency’s price trading at $0.6911. Following a decline of 5.58% over the last 24 hours, ADA has failed to hold above key resistance levels.
The bearish trend has intensified after the price reversed at $0.7321. As the market continues to adjust, Cardano’s price movement hinges on key support and resistance levels that investors should monitor closely.
Key Resistance and Support Levels
Cardano’s current resistance level sits at $0.7321, which marked the local high before the price dropped. This area now serves as a critical barrier to upward momentum. Should ADA break through this level, it may test the next resistance zone at $0.75. This psychological level has been a point of previous price rejections, making it an important hurdle for the bulls.
On the downside, Cardano’s price is facing immediate support at $0.69, though this level remains fragile due to the downward trend. A deeper pullback could see the price testing $0.68, a key support area.
This level may provide more stability and serve as a stronger defense against further declines. If ADA drops below $0.68, a further decline to the $0.65 zone could be in play, marking a critical support level backed by historical data showing significant buying interest in this range.
Volume and Market Sentiment
Cardano’s current volume-to-market-cap ratio stands at 3.66%, which reflects moderate market activity. However, the overall sentiment remains bearish, with selling pressure dominating the price action. The market’s reluctance to push the price higher suggests that Cardano may need strong bullish catalysts to overcome its resistance levels.
Technical Indicators and February Outlook for ADA
The Relative Strength Index (RSI) for Cardano currently stands at 25.84, indicating an oversold condition. This may suggest that ADA could be due for a potential reversal or at least some price stabilization in the near term.
However, the Moving Average Convergence Divergence (MACD) continues to show bearish momentum, with the MACD line below the signal line. The growing divergence in the MACD histogram further suggests that selling pressure is still dominating the market.
Looking ahead, Coincodex analysts forecast a 26.58% growth for Cardano by February 2025, with an anticipated average price of $0.87 for the month. The price range is expected to fluctuate between $0.70 and $1.05. This could offer a potential return of 52.20% from its current price levels, presenting an intriguing opportunity for long-term investors.