On Friday, Cardano (ADA) price fell over 7% due to panic triggered by a security vulnerability at Bybit exchange, briefly dipping into a critical support zone. However, currently, the ADA price remains above the key demand area, holding between $0.67 and $0.80, which is vital for a short-term rebound.
Market reaction to support levels
As the Bybit security issue is resolved, market sentiment gradually recovers. ADA's support level is located in a historically strong demand area, analyst Ali Martinez points out that falling below this level could trigger greater selling pressure. Therefore, ADA needs to stabilize above this range to lay the foundation for a rebound.
Future trends
In the short term, the bulls' target is to break through the $0.82 resistance level, which would open the door for further gains to $0.85. If ADA continues to hold above $0.73, the market will confirm short-term strength and a bullish rebound may occur. Conversely, falling below the support level could lead to a price correction.
Investors are closely watching whether Cardano can maintain key support and break the bearish trend that has lasted for several weeks. Staying above the $0.67-$0.80 range will be crucial for ADA's recovery.
