Cardano’s price action this week has left traders on edge as the much-watched $0.61 support finally buckled. This move came amid a fresh wave of risk aversion across crypto, highlighted by the Fear & Greed Index plummeting to just 31.
In the span of 72 hours, Cardano whales holding 100 million to 1 billion ADA offloaded more than $100 million worth of tokens. Thereby, sparking a wave of liquidations that included $15.9 million in short positions being squeezed around the $0.666 mark. As the dust settled, ADA’s price found itself on shaky ground, with traders now eyeing technicals for any early signs of opportunity.
After days of relentless selling, ADA price currently trades at $0.6117, down 3.42% on the day and nearly 6% for the week. The 24-hour trading volume nudged up by 0.5% to $1.18 billion. The breakdown below the $0.61 Fibonacci 50% retracement not only invalidated Cardano’s multi-month sideways trend but also positioned the altcoin at a crossroads among traders.
The 200-day SMA sits way above at $0.7426, marking a significant resistance level that bulls must reclaim for upside momentum to return. More immediately, the $0.6808 area reinforces the upper Bollinger band that any relief rally will need to overcome.
Looking at indicators, the RSI hovers at 35.1. This signals an oversold market, yet there is no concrete sign of a bottom or reversal as bears continue to drive sentiment. The MACD histogram has just flipped positive at +0.0029, suggesting a hint of short-term relief but not yet a confirmed change in trend.
If the current price fails to hold, eyes turn to the next vital support at $0.546, which lines up with the 2025 swing low. A sustained move below this level might expose ADA to a deeper slide, while a bounce from here could trigger a round of short covering and potentially set up a relief rally if volume supports the move.
Large holders rapidly sold over $100 million in ADA in just three days, which led to a technical breakdown and a cascade of liquidations.
Yes, the RSI is hovering around 35, which signals an oversold market, but there is still no definite sign of a trend reversal at this stage.
Immediate support rests at $0.546, with $0.515 as a deeper backstop. The 200-day SMA near $0.74 remains a distant upside target.
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