Cardano Price Drops 10% But Shows Signs of Recovery

Generated by AI AgentCoin World
Thursday, May 29, 2025 12:56 am ET1min read
ADA
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Cardano (ADA) has recently experienced a decline, falling below the $0.80 and $0.780 levels. The cryptocurrency is currently consolidating, with a potential recovery above $0.780. ADA's price is trading above $0.750 and the 100-hourly simple moving average, indicating a possible upward trend. There was a break above a bearish trend line with resistance at $0.750 on the hourly chart of the ADA/USD pair, suggesting that buyers may be regaining control.

In the past few days, Cardano saw a fresh decline below the $0.7550, unlike Bitcoin and Ethereum. ADA even declined below the $0.740 level before the bulls appeared. A low was formed at $0.7287 and the price is now attempting a recovery wave. The price climbed above the $0.750 resistance level and there was a move above the 23.6% Fib retracement level of the recent decline from the $0.8380 swing high to the $0.7287 low. Cardano price is now trading above $0.740 and the 100-hourly simple moving average.

On the upside, the price might face resistance near the $0.7680 zone. The first resistance is near $0.7840 or the 50% Fib retracement level of the recent decline from the $0.8380 swing high to the $0.7287 low. The next key resistance might be $0.80. If there is a close above the $0.80 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.820 region. Any more gains might call for a move toward $0.8350 in the near term.

If Cardano’s price fails to climb above the $0.7680 resistance level, it could start another decline. Immediate support on the downside is near the $0.750 level. The next major support is near the $0.740 level. A downside break below the $0.740 level could open the doors for a test of $0.7260. The next major support is near the $0.70 level where the bulls might emerge.

Technical indicators suggest that the MACD for ADA/USD is gaining momentum in the bullish zone, while the RSI for ADA/USD is now above the 50 level. Major support levels are at $0.750 and $0.740, while major resistance levels are at $0.78400 and $0.8000. These indicators suggest that buyers may be regaining control, but the price could still face resistance at key levels.