The price of Cardano (ADA) has once again dropped to the $0.80 level following unsuccessful attempts to stay above $1. This article examines the current support and resistance levels, along with buyer and seller behavior trends.
Sellers Took ADA to Key Support
ADA attempted to hold above the $0.90 support level in late August, but sellers proved too strong, and this level became resistance again. Currently, ADA has found good support just above $0.77, and buyers could return to push it into a relief rally.
Lower Highs Indicate Weakness
By zooming out on ADA's price action, it can be seen that since the end of 2024, the asset has been making lower highs. This indicates weakness, even though the price continues to find strong support above $0.50. Attempts to reclaim the $1 price tag have been rejected every time, and until buyers secure that level, it is unlikely for ADA to rally higher.
Volume Dries Up
After the spike in buy volume in mid-August, sellers returned and kept up pressure, with only six daily candles closing in green since then. While the downtrend remains strong, sellers appear to be losing interest as the volume profile is falling. This could open opportunities for buyers to return.
Cardano continues to face tough battles around the support level of $0.77, while attempts to break the $1 level regularly fail. The next steps for traders will depend on buying volume behavior and buyer efforts in the coming days.
