Cardano price analysis (Bearish) — 0.46 USDT (-7.15% 24h)

ADA is showing significant weakness, down over 7% in the past 24 hours as selling pressure intensifies. The current price of $0.4595 has broken below both the 20-day SMA ($0.469) and 50-day SMA ($0.483), indicating a clear bearish trend. However, the RSI reading of 34 suggests we’re approaching oversold territory, which could present a potential bounce opportunity for short-term traders. Volume remains elevated at nearly $119 million, confirming the current move’s validity. The high volatility reading above 4% indicates continued price swings are likely. For traders, consider waiting for RSI to drop below 30 for better risk-reward entry points, with tight stops below recent lows. Longer-term investors might view this as accumulation territory, but should scale in gradually given the downward momentum. Resistance now sits at the $0.47 level, while support appears around $0.45.