The cryptocurrency market is experiencing profit-taking, leading to downward pressure on Cardano (ADA). In the last 24 hours alone, a significant $606 million has been liquidated across various crypto assets. This bearish trend pushed ADA down by 4.52% in the past day, settling at $0.803. Currently, the asset is being tested against its daily Simple Moving Average (SMA) 200 level at $0.792. This technical indicator served as a barrier for ADA since late March, with a break above it on May 9th. However, recent bearish activity is challenging this support line. Should bears succeed in pushing ADA below this level, the asset risks retreating to its previous range between the daily SMA 50 at $0.679 and the SMA 200. This might slow down Cardano’s momentum toward hitting the mark of $1. On the other hand, if positive momentum returns to the market, ADA bulls aim to push the price above the recent high of $0.865, a crucial barrier before reaching its target of $1. On the flip side, support is anticipated at the daily SMA 50 level at $0.771 if the ADA price falls.