Cardano's (ADA) value is under significant downward pressure, dropping nearly 10% within the last 24 hours and almost 29% over the past week. Despite its recent addition to the U.S. strategic crypto reserve, ADA has declined by 39%, struggling to recover its bullish momentum.

Indicators like BBTrend and DMI point towards a prevailing bearish sentiment, indicating that sellers are currently dominating the market. There is a possibility that ADA might test crucial support levels if the ongoing downtrend continues, although a reversal could propel it back towards major resistance areas.

The BBTrend for ADA highlights the escalating selling pressure, currently standing at -19.52, declining since the preceding day. This shift from positive to negative territory signifies a weakening bullish trend, with increasing downward pressure on ADA's price.

Moreover, Cardano's Directional Movement Index (DMI) chart displays a rise in its Average Directional Index (ADX) to 34.5 from 26.6, indicating a strengthening trend, whether bullish or bearish. With the ADX surge showcasing intensifying selling pressure, ADA's ability to reverse its trend in the near term may be challenging.

Furthermore, the Cardano EMA lines hint at a potential formation of a death cross, signaling a bearish momentum ahead. If this bearish crossover materializes, ADA's price might drop further, with the $0.58 support level emerging as a critical level to monitor for potential breakdowns.

In the midst of these market fluctuations, ADA traders are keenly observing the developments to ascertain whether ADA can regain its positive momentum and surge towards higher resistance levels, potentially reaching milestones like $1.02 and even $1.17 as the market sentiment evolves.