The Cardano (ADA) price starts the week in a rough spot, but the project itself hasn’t been quiet. The latest news has been more about governance and regulation than short-term market noise.
The Cardano Foundation just delegated another 220 million ADA to community representatives, cutting down its own voting power and giving DReps a bigger role in decision-making.
Charles Hoskinson also made headlines after calling out Ripple’s position on a proposed U.S. crypto bill, showing Cardano is still pushing hard for decentralization as regulation becomes a bigger theme in the space.
What THe Cardano Chart Is Showing
Looking at the 4H chart, the ADA price remains in a prolonged decline from the highs near $0.89. Price has been bleeding lower for months, with lower highs forming consistently and no major breakout attempt holding.
ADA is now trading around the $0.2723 price point, which is nearby the recent lows. The move up from the $0.22 region is somewhat modest, and ADA is still trading heavy as buyers have not yet come in with much conviction.
Furthermore, momentum indicators remain soft. RSI is hovering in the mid-40s, showing ADA is still stuck in bearish territory without being deeply oversold. That usually signals a market that is weak, but not in full panic mode.
The volatility in ATR is also low, which means the price volatility has been brought down. Williams %R is rising, heading towards oversold levels, which means that the selling pressure is diminishing. CCI sits near neutral, showing there is no strong trend reversal signal yet.
Read Also: Where is Kaspa (KAS) Price Headed This Week?
ADA Price Targets to Watch This Week
Right now, ADA needs to gain $0.30 in order to really stir up any upwards movement in price. If it’s broken cleanly, the next level to expect can be found at $0.34, and $0.40 is a larger resistance area.
On the flipside, missing $0.26 implies $0.22 returns as support once again. Cardano (ADA) has the potential to come as low as $0.20 if support is broken.
For now, the ADA price is still in a precarious position, and people are watching whether it will provide the necessary support or not, whether another correction is due or not.
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