Cardano: $0.1712 Support Could Decide the Next Move
Recovery Losing Momentum
ADA has struggled to build on its recovery from the June low, with the latest rally again failing beneath the major resistance area around $0.24.
Lower Highs Developing
Since reaching $0.2584 in August, Cardano has produced a series of lower highs. The latest rejection around $0.2321 adds to the signs that buyers are losing momentum.
Moving Averages Still Bearish
The 100/50-day EMAs have contracted considerably but remain bearishly crossed. Price has also slipped back beneath both averages, keeping the broader technical picture under pressure.
Key Support Approaching
The $0.1712 swing low is now the major level to watch. A decisive break below there would give the daily chart a bearish change of character and weaken the medium-term recovery considerably.
Momentum Favours the Bears
RSI remains below 50, while StochRSI has moved into oversold territory. This leaves room for a short-term bounce, but there is little momentum evidence yet that buyers are taking back control.
In Summary
Cardano's recovery is coming under increasing pressure after another failure beneath the major $0.24 resistance area. Price is back below the bearishly crossed 100/50-day EMAs, while RSI remains below 50. StochRSI being oversold could produce a short-term reaction, but $0.1712 is now the level that matters. Hold it, and the medium-term recovery survives; lose it, and ADA would confirm a bearish change of character.
TITradingView Ideas17 Sept