Cardano trades at 56-day low with weak bullish signals.
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Key Takeaways
Cardano has dropped 12% in seven days, falling to $0.62 — its lowest close since April 22.
The Awesome Oscillator (AO) has turned negative, signaling fading bullish momentum.
The ADX at 31.29 points to strong bearish momentum, confirming a sustained downtrend.
After experiencing a 12% drop in the past seven days, Cardano’s (ADA) price has printed its lowest close since April 22. At press time, ADA trades at $0.62.
The last time it reached this level was 56 days ago, before it bounced toward $0.85. However, despite returning to this historical support zone, the odds of a similar recovery appear slim.
ADA’s current setup lacks the bullish momentum that fueled its last breakout, and indicators suggest further downside may be in play.
Here’s what’s changed — and why a repeat rally may not happen.
Cardano Slides Below Key Support
At press time, Cardano’s price is consolidating within a symmetrical triangle. This technical formation reflects a standoff between bulls and bears, with support and resistance lines converging at near-identical slopes.
Currently trading at $0.62—its lowest price in 56 days—ADA appears vulnerable to further losses. The Awesome Oscillator (AO), which gauges market momentum based on recent and historic price action, has flipped negative.
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The chart below shows that the AO’s dip into bearish territory signals fading bullish strength. If this trend persists, ADA risks a breakdown below the triangle’s lower boundary, with the next significant support sitting near $0.56.
Meanwhile, any hopes of reclaiming $0.80 appear increasingly unlikely under the current conditions.
Aligning with this bias is the Bull-Bear Power (BBP), which compares the strength of bulls to bears.
Bulls dominate when the BBP reading is above the zero signal line, and the price can increase. However, in this case, Cardano bears have the upper hand with the BBP in the negative region.
Due to this position, ADA’s price is unlikely to trade higher in the short term.
The daily ADA/USD chart shows a bearish bias that aligns with this outlook. As seen below, the Average Directional Index (ADX) has increased to 31.29.
This indicates strong directional movement to the downside since the ADX reading is higher than 25. If this trend continues, Cardano’s price might decline below $0.60.
Meanwhile, the Moving Average Convergence Divergence (MACD) is around the zero signal line. This indicates neutral momentum.
ADA’s price could drop as low as $0.56 if this remains the same. In a highly bearish case, the cryptocurrency might slide as low as $0.50.
On the contrary, if buying pressure increases, this trend might change. In that case, ADA might see an increase to $0.79.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
