8-4-2025 – Cardano (ADA) has encountered substantial headwinds, with its value retreating beneath the pivotal $0.60 threshold. The digital asset witnessed a pronounced decline to $0.511 before staging a modest recovery to $0.556, though market analysts remain sceptical about the sustainability of this uptick.
Technical indicators paint a decidedly bearish picture across various timeframes. The cryptocurrency’s performance on the four-hour chart reveals trading activity consistently below major exponential moving averages, whilst the Moving Average Convergence Divergence (MACD) maintains its downward trajectory. The Relative Strength Index hovers precariously near oversold territory at 31.89.
The invalidation of a symmetrical triangle pattern, which had been developing since mid-March, has particularly caught analysts’ attention. This breakdown, coupled with the failure to maintain the $0.63-$0.65 range, suggests a firm bearish grip on market dynamics.
Current market conditions have triggered a recovery attempt from the $0.510 zone, with the asset clearing several immediate hurdles. However, this bounce faces stiff resistance near the $0.60 mark, where a bearish trend line has materialised on hourly charts.
Multiple support levels now stand vulnerable to potential breaches. The immediate resistance rests at $0.6240, whilst the $0.50 level represents crucial support. Should this floor give way, analysts project a possible descent towards the $0.42-$0.44 demand zone, an area last tested in October 2023.
The daily chart analysis reveals the breakdown of a rising wedge pattern, with prices now trading well below the multi-month ascending trendline. The failure to maintain the 23.6% Fibonacci level at $0.7152 further undermines bullish sentiment.
For any meaningful recovery, Cardano would need to decisively breach the $0.6320 resistance level. Such a move could potentially catalyse a rally towards £0.680, with possibilities of reaching $0.70. However, without substantial volume support and technical confirmation above $0.6240, market observers suggest treating any upward movement with caution.
