Cardano price returned to the upside on Monday, retesting the $0.680 support , but staying within a broader downtrend going back two weeks. The coin was at $0.686 at the time of writing, up by 1.4% on the daily chart, but down by 2.46% on the weekly time frame. Despite the gains registered by ADA price on the daily chart, its trading volume dropped by 29% in the last 24 hours, signaling a declining buying appetite.
The broader crypto market is generally on a low upward momentum after Bitcoin’s move towards the six-figure territory was halted near the $98k mark. The crypto market bellwether has since broken below the $95K support, raising the probability of an extended downtrend.
Cardano price lacks asset-specific impactful fundamentals and its trajectory will likely be dependent on Bitcoin’s performance. The case for the downward momentum is also supported by the 2.5% decline in the coin’s open interest contracts to $355 million in the last 24 hours.
On the daily chart, ADA price has its RSI at 51 on the daily chart and the Average Directional Index (ADX) is at 19. These indicators signal a like of a decisive momentum, raising the prospect that the coin will follow a sideways trajectory. Meanwhile, immediate resistance will likely come at $0.700.
Cardano Price Prediction
Cardano price pivot mark is at $0.679 and action above that level favours the buyers to be in control. The coin will likely meet initial resistance at $0.690, but a stronger upward momentum will breach that barrier and potentially test $0.700.
On the downside, ADA price momentum is likely to favour the sellers if it breaks below $0.679. That will likely see the first support come at $0.673. Breaking below that level will invalidate the upside narrative. Also, such a move could strengthen the downside momentum and send the coin to the second support at $0.665.
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