Cardano Slumps 12%: Can Price Rebound Amid Oversold Conditions?

Cardano's price has taken a hit over the past week, dropping more than 12% to $0.194. This decline has left the asset below its key moving averages and with a persistent bearish long-term trend in place.

The technical indicators are oversold, but this may not be enough to reverse the current downward momentum. The Stochastic RSI is deeply oversold at 0, while the CCI is approaching oversold levels, signaling stretched downside momentum.

Despite the potential for a short-lived bounce, bearish bias persists for next week as downside risks remain elevated. Over the coming week, Cardano is expected to trade between $0.181 and $0.232, with a 68% probability of further decrease and a 32% chance of an advance.

The recent developments in protocol integrations and network upgrades have added fundamental strength to Cardano, but it remains to be seen whether this will translate into positive price momentum.