- ADA nears $0.63 as volume drops and pressure builds
- Traders brace for breakout or breakdown in ADA
- Support at $0.63 could trigger steep ADA moves
Cardano (ADA) has shown moderate growth over the past three sessions. The price is now nearing a critical support range. Market activity remains low, suggesting limited momentum in either direction. A daily close below $0.63 could open the door for Cardano $ADA to test $0.53 and potentially $0.42.
Market Trends Show Short-Term Stability
At press time, ADA is trading around $0.6554, showing a 4% increase since the start of the weekend. Despite the uptrend, the trading volume has dropped by nearly 29%, signaling a decrease in buying or selling pressure. The current movement on the hourly chart shows the price returning to the $0.6527 support level.
Analysts believe that if buyers fail to hold control at this zone, the $0.65 area may be retested soon. On the daily chart, ADA remains inside yesterday’s price range. This suggests that neither bulls or bears have taken full control of the market. As of now, sideways trading between $0.65 and $0.67 appears likely if no strong momentum builds.
The weekly chart also supports a neutral view. Trading volume continues to decline, pointing to weak conviction from both buyers and sellers. If this trend continues, strong price movement is not expected in the short term.
Technical Outlook Points to a Key Level at $0.63
Technical analysts are closely watching the $0.63 mark. A close below this level may lead to a move toward $0.53 or even $0.42. According to Coinglass, traders are over-leveraged with $4.21 million in long positions near $0.648 and $8.15 million in shorts around $0.674.
Meanwhile, ADA has lost over 13% over the past week, showing a broader lack of momentum. Crypto analyst Jonathan Carter noted that ADA may bounce from support around $0.59.
He added, “ADA still has a chance to rebound from this support and climb toward $1.”As Cardano continues developing its ecosystem, support from new projects and blockchain features may influence price stability in the months ahead.
