$ADA
🚨 Cardano Technical Price Analysis: ADA Holds $0.72 Support as Key Indicators Hint at $0.78 Rebound 🚨
Cardano (ADA) appears poised for a cautious rebound, holding above $0.72 support despite broader market uncertainty.
The latest candlesticks show ADA consolidating near $0.74, just above the 50-day moving average at $0.7199, a key level that has repeatedly acted as a short-term floor since early May.
The 7-day simple moving average at $0.7702, now overhead, poses the next resistance barrier, with a daily close above it required to regain bullish momentum.
The Parabolic SAR flipped bearish on May 17 and continues to print above the current price at $0.8558, signaling caution from momentum traders.
However, the absence of aggressive selling pressure, evidenced by low volume delta readings, suggests ADA is more likely in a technical cooldown phase than entering a prolonged decline.
Midway through this technical range, market participants remain on alert for broader crypto sentiment, especially from Bitcoin price forecast trends, which influence ADA’s directional bias. If BTC maintains strength above $104,000, it could provide risk-on confidence, allowing ADA to retest $0.78 in the near term.
To the downside, a daily close below $0.7199 could expose ADA to a deeper retracement toward the 100-day SMA support at $0.6859.