Cardano (ADA) Defies Technical Analysis (TA) as Market Downtrend Continues

Despite its popularity and technical advancements, Cardano (ADA) has not managed to escape the red tide affecting the crypto markets as a whole at the end

Cardano (ADA) price is up to $0.3211 on Tuesday, July 5 It continued its downward trend earlier in the week. However, the ADA price survived a larger decline by remaining above the second support level.

Despite the latest decline, the ADA price made some recovery, rising to $0.34459 as of press time.

Cardano price reached $0.42 on Saturday, July 3. It experienced a short-term recovery, rising to . However, the ADA price then dropped rapidly, dropping to $0.3211 on Tuesday, July 5.

This decline caused the ADA price to fall below the nearest support zone, $0.35. However, ADA price managed to avoid a larger decline by staying above the second support level.

Cardano price has shown a downward trend in recent weeks, and the token price has been declining for the last 30 days, except for 12 green days. ADA price is also significantly below its 200-day simple moving average (MA) ($0.536241).

Unlike other major cryptocurrencies, ADA price failed to stay on March highs and avoided major declines earlier in the year. ADA price only briefly reached the annual peak of $0.77 and remained below $0.50 until mid-April.

However, Cardano price offers a more optimistic outlook considering technical developments and positive statistics. The Cardano network has released a new node and a new lace version in the last week, and the number of smart contracts on the Plutus network has exceeded 62,000.

Even in a more optimistic scenario, the Cardano price is unlikely to rise above $0.40 in the near future because the nearest It will need to overcome the resistance level of $0.39. However, if it clears this resistance level, it could rise above $0.50 if broader crypto market trends turn optimistic.

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