Cardano (ADA) is currently trading around the key support zone of $0.65, posting a modest 0.5% gain over the past 24 hours. Despite this small uptick, ADA has experienced a significant 30% loss in value over the past month, sparking concerns about its near-term price trajectory.
#ADA
— Jonathan Carter (@JohncyCrypto) April 3, 2025
Cardano failed to stay above the previous support at $0.65 and is now heading towards the main support zone at $0.59 on the daily chart🔍
Despite the long correction, the price still has a chance to bounce off this support and rise towards $1.00, otherwise we will fall to… pic.twitter.com/KLIxSaeK1n
Since December 2024, ADA has been trading within a broadening wedge pattern, known for its volatile price swings. Crypto strategist Jonathan Carter highlighted that if ADA fails to maintain support at $0.65, it could see a decline of another 10%, potentially testing the next major support level at $0.59.
Carter, however, remains optimistic about ADA’s chances for a recovery. If the support at $0.59 holds, there’s potential for a rebound, possibly pushing ADA back toward the $1.00 mark. A breakdown from this level, however, would likely result in further downside, testing the lower boundary of the broadening wedge.
ADA’s Short-Term Outlook
On the 4-hour chart, ADA appears to be in a consolidation phase, with the Bollinger Bands narrowing. The price is floating near the midline at $0.6585, with immediate resistance at $0.7002 and support at $0.6271. A decisive move above $0.7002 could trigger a rally, while a break below $0.6271 would signal further downside.
Technical indicators offer mixed signals. The RSI hints at a subtle bearish divergence, suggesting that momentum could be waning. The MACD also shows minimal momentum, with a flat histogram near zero, indicating weak bearish pressure.
Cardano’s Long-Term Potential
Despite the current price struggles, ADA’s long-term outlook remains promising. In recent weeks, Cardano has gained momentum, with discussions growing about its potential adoption by institutions, including the U.S. Treasury. Popular investor Alex Becker recently named Cardano as his top crypto pick, stating that ADA could easily surge to the $3–$5 range, citing its decentralization and speed.
JUST IN: Alex Becker says "by far the #1 easiest bet right now is #Cardano. $ADA's easily going to $3.00 to $5.00. It's fast as hell and the most decentralized reasonable chain next to Ethereum. Other decentralized chains don't have the momentum that Cardano has." pic.twitter.com/tm9tMnuixG
— Angry Crypto Show (@angrycryptoshow) April 2, 2025
As ADA navigates this crucial support zone, all eyes are on whether it can rebound or face further declines. The coming days will be critical in determining Cardano’s next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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