Cardano's (ADA) price has faced significant losses over the past few days losing the momentum that had gained in its priceduring the last week of February. After reaching a high of $0.40, the digital currency has been declining steadily with the market slowing down. The current support level for the coin lies at $0.38 and the resistance is at $0.40. The lower level of support lies at $0.35 where the bears might send its price if the bulls are unable to defend the current key support level of $0.38.

For the price to hold and defend its key level, there needs to be an increase in trading volume. Unfortunately, the market has seen a steady decline in its volume since the last few days. The indicator RSI on daily charts paints a bearish picture as it has fallen below the 50 point level and is now making a lower high.

The daily MACD for AD has also seen a bearish trend, as the histogram has farther moved downwards with its moving averages also expanding southwards. This suggests that the momentum is currently with the sellers.

With the current situation, it is important for buyers to protect the current key support level of $0.38. Failure to defend the value could mean that ADA will be sent further down to $0.35, searching for more support. It is now important to observe the next few trading sessions to be sure of what kind of trajectory Cardano will be taking in the near future.



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