Cardano (ADA) Drops 5.78% Amid Bearish Trend

Cardano (ADA) experienced a significant decline on March 21, with its price dropping by 5.78%. This downturn occurred despite some other cryptocurrencies showing gains, indicating a bearish trend for ADA. The hourly chart for ADA/USD further supports this bearish outlook, suggesting that if the price breaks below the $0.70 mark, it could test the $0.69 zone shortly thereafter.

The daily time frame also presents a bearish picture. The closure of the bar at the $0.6909 level is a critical point to watch. If bulls fail to maintain the price above this level, there is a risk of a further drop to the $0.66 area. This bearish sentiment is reinforced by the midterm outlook, which remains neutral. If the weekly candle closes around the current prices, there is a possibility of testing the $0.60 mark.

At the time of reporting, ADA was trading at $0.7067. The overall market sentiment for ADA appears to be bearish, with sellers maintaining pressure despite some positive movements in other cryptocurrencies. The technical analysis suggests that ADA could face further declines if key support levels are breached.