Cardano’s native token, ADA, is experiencing selling pressure, testing crucial support levels. The asset is currently trading around $0.7933, reflecting a 2% decline for the current session. Despite this intraday dip, ADA has demonstrated notable weekly strength, maintaining a gain of 9.29% over the past seven days.
Market analysts identify two critical technical support zones: $0.79 and $0.78. If significant buying interest materializes at these levels, ADA could initiate a price recovery. However, current market conditions are dominated by sellers, driving the token towards the initial $0.79 threshold.
Technical indicators suggest that a failure to find sufficient support at $0.79 might lead to a deeper correction towards the lower $0.78 support level. Establishing a firm base above the support benchmarks is seen as essential for stabilizing the current downturn.
Conversely, a definitive breakout above the resistance level of $0.8955 is viewed by market observers as the necessary catalyst for a potential bullish momentum shift. Such a break could pave the way for ADA to target the psychologically significant $1 price level.