Cardano Price Teeters Above Key Support Level, Will ADA Crash 30% or Bounce?

Question

**Cardano price analysis** outlines a make-or-break scenario for ADA as it hovers above **the $0.653 support level**. A bounce here could prevent further losses, but a breakdown of this key barrier could lead to **a 30% correction to $0.506**, a critical liquidity area. What can investors expect?AdvertisementAdvertisement ## Cardano Price AnalysisCardano’s price has produced three distinctive lower highs since the December 2, 2024, peak of $1.326, highlighting the predominant bearish trend. The 22% crash since May 23 has knocked ADA down toward the $0.653 support level. This barrier served as a foothold for bounce four times in the past four months. Hence, a revisit of this level could lead to a strong reaction.**Will ADA bounce from this critical support level or crash below it?**Technicals like the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest an overwhelmingly bearish outlook. The recent Bitcoin price drop has triggered a crash in crypto prices across altcoins.* The **RSI has flipped below the 50 mean level**, suggesting a **bearish momentum** and a **seller regime**.* The **AO has produced the first red histogram** below the mean level of 0, indicating that the **bears are in control**.The bearish Cardano price analysis, combined with Bitcoin’s fragile state following a near 7% decline over the past four days, suggests that **ADA is poised for a drop**.![](data:image/svg+xml,%3Csvg%20xmlns=')Cardano Price Analysis: 1-Day ADA/USDT Chart### **Key Levels to Watch for ADA Investors*** **Should investors buy this drip?** Investors should **watch how Cardano’s price reacts to retesting the $0.653 support level**. If the Bitcoin price sell-off halts, the chances of a bounce from the aforementioned level would increase. In such a case, investors can consider buying ADA.* However, if Bitcoin’s bearish outlook persists, then a breakdown of $0.653 could push Cardano price to sweep **the equal lows at $0.506**. A sweep of the sell-side liquidity here would increase the buying pressure. If sidelined buyers decide to step in, a reversal for ADA is highly possible.* Beyond $0.506, investors must also pay attention to **the $0.399 support level**, which is the upper limit of three-month consolidation that catalyzed a 200%+ breakout move in the fourth quarter of 2024.AdvertisementAdvertisement## **Cardano (ADA) Price Today**Per CoinGecko data, Cardano (ADA) has dropped by 5.8% in the past 24 hours. As of May 31, the price trades at $0.669. With the monthly close a few hours away, ADA is at breakeven and may close the candlestick on a bearish note. The weekly candlestick remains bearish, with a 13% drop from its peak of $0.864.*For a long-term price prediction of Cardano price stretching from 2025 to 2030 – Read This*Advertisement## Frequently Asked Questions (FAQs)###  1. What is Cardano's current price? Cardano's current price is $0.67, with a 4.14% decrease in the past 24 hours.###  2. What are the potential support levels for ADA? The key support levels are $0.653 and $0.506, with $0.399 being another crucial level to watch. ###  3. Is Cardano's price expected to bounce or break down? The technical indicators suggest a bearish trend, making a breakdown more likely, but a bounce at $0.653 could prevent further losses ✓ Share:![](data:image/svg+xml,%3Csvg%20xmlns=')