Is Cardano Bounce Weak? ADA's Recovery May End!
Cardano (ADA) has rebounded slightly from the $0.6420 support, but it seems that this bounce is weakening. The price has recovered a bit but is still facing strong resistance around $0.6850.
Recovery or Deception?
ADA has traveled from a recent swing high of $0.7298 down to $0.6426. After this, the price took a slight bounce and moved above $0.6550. During this recovery, ADA broke a bearish trendline that was at $0.650. Additionally, the price also crossed the 23.6% Fibonacci retracement level.
However, strong resistance was encountered at $0.680 and the 100-hour Simple Moving Average (SMA). The most pressure is around $0.6850 — where bears have halted the market.
Important Resistance Levels:
First resistance: $0.680
Major resistance: $0.6850 (the market could come back down from here)
If ADA breaks this level, the next target could be $0.7090.
With more bullish momentum, the price could go up to $0.730 and beyond $0.750.
Back Down? Danger Alert!
If Cardano fails to break the $0.6850 resistance, the risk of falling back increases.
First support: $0.6630
Next strong support: $0.6500
Below this, a decline to $0.6320 and $0.6175 could occur.
Technical Indicators:
MACD (Hourly): Bullish momentum is gradually decreasing.
RSI (Hourly): RSI is above 50 but is not giving a strong signal.
Final Note:
ADA's recovery is currently stuck at an important resistance. If the $0.6850 level does not break, a bearish wave could start again. Traders should keep an eye on key levels and manage their risk well.