according to the materials from the site - By CoinCryptoNewz
However, on July 9, Cardano (ADA) demonstrated significant intraday growth: the coin's price rose by 5.04%, reaching around 61 cents. The asset surged sharply at the beginning of the trading session, with the price starting to rise around 2:00 AM and peaking around 9:00 AM. Trading volume also increased sharply, contributing to the price rise.
Technical indicators suggest overbought conditions. The 14-period and short-term RSI indicators crossed the 70 mark, which in many cases indicates that the asset should take a pause or reverse direction. Moreover, MACD values indicate that the bullish trend continues. However, it is still close to the zero line, and it can be assumed that achieving the target in the short term is quite doubtful.
The weekly candlestick chart of ADA shows a clear downward trend, with prices forming lower highs for several months. The descending trend line, which has been tested multiple times, approaches a potential breakout point. Traders have identified a key resistance zone around $1.1792, where a reversal could occur if the current momentum persists.
Despite recent upward pressure, ADA remains significantly below this resistance level. A breakout scenario will require stable buying volume and market confidence to push the price beyond the established trend line. Until then, analysts are closely monitoring confirming signals before drawing conclusions about any long-term trend changes.
An analysis of ADA's daily chart on Binance shows that despite recent price increases, the long-term structure remains under downward pressure. The cryptocurrency rose above $1.20 at the end of 2024 but quickly lost that gain, reaching a series of lower highs and lows. This trend persisted until mid-2025.
Currently, ADA shares are trading a few dollars above the 0.60 mark, and its value serves as support. The resistance level is between 0.70 and 0.75. Overcoming this level is crucial for reversing the current bearish trend. There is also some increase in trading volume, indicating renewed interest, but for a significant change in market outlook, this volume must be sustained over a long period. With ADA's attempts to recover at higher levels, markets are expected to monitor technical levels, particularly trading volume, as a benchmark for determining the direction of movement.