Can Cardano Price Hold $0.55 or Is $0.40 Next?
Cardano is sitting at a crucial price level and traders are on edge. Will ADA bounce back or dive deeper?
Cardano (ADA) price has struggled to hold ground as broader market sentiment stays shaky, leaving traders wondering if this popular altcoin has found its floor or if more downside is waiting. With prices hovering near $0.55 and technical signals flashing mixed cues, investors are looking at key levels to see whether ADA price can stage a short-term rebound or slip even lower. In this analysis, we’ll break down the daily chart, pivot points, RSI signals, and potential scenarios to help you decide what might be next for Cardano’s price action.
Cardano Price Prediction: What Does the Cardano Daily Chart Show?
Looking at the daily chart for Cardano (ADA/USD), we see that ADA price is trading around $0.559. The chart uses Heikin Ashi candles which help smooth out trends, and shows that ADA price has been in a consistent downtrend since early June. The price is testing key Fibonacci retracement levels, with visible pivot points around $0.5, $0.618, and $0.786.
Is Cardano Oversold Now?
The Relative Strength Index (RSI) is sitting near 33, which indicates that Cardano price is approaching oversold territory (below 30 is considered oversold). A bounce often happens when RSI is this low. Historically, ADA’s RSI rarely stays under 35 for long without a short-term recovery. This suggests a potential for at least a technical rebound.
Where Are the Next Targets?
The pivot points plotted suggest that the nearest resistance levels are around:
- $0.618 Fibonacci at about $0.61
- $0.5 Fibonacci at about $0.68
If ADA holds the current level and the RSI turns upward, we can expect a short-term move back towards $0.61 to $0.68.
For example: If Cardano price rebounds from $0.56 to $0.68, that’s a gain of about 21%. However, if ADA fails to hold above $0.55, the next strong support lies near $0.50 and potentially as low as $0.40 based on the next pivot (S3) level.
How Strong Is This Trend?
The overall trend is still bearish, as indicated by the downward sloping candles and RSI staying below its moving average line (yellow). Buyers need to push ADA price above the $0.61–$0.68 range for any real trend reversal.
Cardano Price Prediction: Bounce or Breakdown?
To sum up:
ADA price is near oversold territory and could see a bounce if buyers step in.
- A break above $0.61 may open the door to $0.68.
- If support at $0.55 fails, expect a drop towards $0.50 or even $0.40.
Traders should watch RSI for signs of reversal and monitor the $0.55 zone closely. Risk management is key in this sideways-to-bearish setup.
How to Buy Cardano (ADA) on Bitget?
Getting started with Cardano (ADA) on Bitget is simple and straightforward. Just follow these easy steps:
Create a Bitget Account
Sign up through this referral link to claim your welcome bonus:
https://partner.bitget.com/bg/cryptoticker
Verify Your Identity (KYC)
Complete the Know Your Customer (KYC) process by submitting valid ID documents. This ensures account security and unlocks full platform features.
Add Funds to Your Wallet
Deposit funds using a debit/credit card, bank transfer, or cryptocurrency. Bitget supports multiple convenient payment options.
Go to the Trading Dashboard
Open the trading interface and search for the ADA/USDT pair. You can also type “Cardano” or “ADA” in the search bar.
Buy Cardano (ADA)
Choose how much ADA you want to buy, confirm the details, and complete your purchase. Your ADA will be instantly credited to your Bitget wallet.
$ADA, $Cardano, $ADAPrice, $CardanoPrice
Prasanna Peshkar
Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.
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