Big GREEN reversal incoming for $ADA ?
Cardano (ADA) has been on a bit of a bumpy ride lately. After hitting a 24-hour high of $1.0200, it's now trading at $0.7961, marking a 20.48% drop. This sharp decline has left many wondering: can the buyers step back in and steer the ship?
Looking at the charts, there's a key resistance level at $0.8516. If ADA can push above this, we might see some recovery. On the flip side, there's support at $0.7576. If prices dip below this, it could spell more trouble.
The MACD indicator isn't painting a rosy picture either, showing weak momentum and suggesting that bearish vibes are still in the air. Plus, trading volumes are on the decline, hinting that traders might be sitting on the sidelines for now.
However, there's a silver lining. If ADA tests that support level, we could see a short-term bounce. But, it's probably wise to wait for signs that buyers are piling back in before making any big moves.
In a nutshell, ADA's at a crossroads. Keep an eye on those key levels and watch for any signs of a turnaround before diving back in.