Cardano price analysis (Bearish) — 0.57 USDT (-7.16% 24h)

Cardano (ADA) is showing significant technical weakness as it trades at $0.5717, down over 7% in the past 24 hours. The current price sits below both the 20-day SMA ($0.594) and 50-day SMA ($0.605), indicating sustained bearish momentum. Most notably, the RSI reading of 27.98 has plunged into deeply oversold territory, suggesting the selling pressure may be nearing exhaustion. While the elevated volatility of 3.67% reflects ongoing market uncertainty, the combination of oversold conditions and substantial trading volume ($57.7M) could signal a potential reversal zone. Traders should watch for consolidation around current levels with tight stop-losses below $0.56. A break above the 20-day SMA would signal the first signs of recovery, while failure to hold support could trigger further declines toward $0.55. Consider scaling into long positions cautiously given the oversold RSI, but wait for confirmation of bullish momentum before committing significant capital.