thecryptobasic.com
Cardano faces selling pressure, testing lower levels, while social sentiment turns bullish. Where’s ADA headed?
Looking at the charts, Cardano (ADA) is changing hands around $0.3589, down about 2.8% over the past 24 hours, as selling pressure intensified during the latest session. The intraday chart shows ADA trading within a daily range between roughly $0.3586 and $0.372, with price holding relatively stable earlier before a sharp late-session drop pushed it toward the lower end of the range.
From a broader perspective, ADA’s recent performance shows sustained weakness across multiple time frames. The token is down 8.6% over the past seven days and 13.5% over the last 14 days, indicating persistent downside pressure rather than a brief pullback. While the 30-day decline of 2.4% is less severe, the structure still reflects a market struggling to regain upside momentum.
Traders are watching closely for signs of either stabilization or further continuation to the downside.
Where’s ADA Headed?
From a technical perspective, ADA is trading within the Ichimoku Cloud, with the price sitting just below the conversion line at $0.3859, acting as a dynamic resistance. The baseline is also positioned near $0.3837, further emphasizing a bearish short-term outlook as ADA remains below both key moving averages.
The price is also moving downwards, further away from the lower boundary of the Cloud, which typically signals increased selling pressure. As the market tests lower levels, there is a risk of further downside if the price fails to break into the cloud, with its base at $0.3848.
Meanwhile, the Relative Strength Index is hovering around 39.74, which is below the neutral 50 level, indicating that ADA is in slightly bearish territory. The RSI’s downward momentum could suggest further weakness in the short term, but if it begins to trend upward, it could signal potential buying interest.
Traders must watch for any sign of strength above the $0.3848 level or a recovery back into the Ichimoku Cloud, which could signal a shift in momentum. Until then, ADA is at risk of continued pressure.
Cardano’s Social Discussion Turns Decisively Bullish
Elsewhere, Cardano has recorded a sharp shift in market sentiment, according to new data from Santiment shared by TapTools. The data shows social media discussion around ADA turning decisively bullish.
The update indicates that positive commentary has surged to more than 27 bullish comments for every single bearish one, highlighting a strong imbalance in favor of optimism. The sentiment spike follows heightened attention around Cardano founder Charles Hoskinson.