Cardano (ADA) has recently entered a recovery phase after hitting a yearly low of $0.27. The $0.3 support level is currently critical, with around 540,000 addresses buying at this level. The recent 6% rally points to the potential for a recovery as ADA is currently trading at $0.33.
ADA has seen major price corrections in challenging market conditions, falling to $0.27 in 2024, beating the previous low of $0.31 in June. However, the recovery has taken ADA back above the critical $0.3 level, showing that this level is a significant support area. A 6% rally in early August took the price to $0.33, indicating the potential for a broad market recovery.
The recent decline stalled around the weekly breakout block around $0.3, an area that has been considered a critical area for bullish interest seen in past market action. Two major upside targets include a potential gain of around 9% at the 78.6% Fibonacci retracement level of $0.36 and a 29% rally from the breakout block, with a retest of trendline resistance. However, key technical indicators such as the RSI (Relative Strength Index) and Chaikin Money Flow (CMF) suggest that buying momentum and capital inflows are below average. Unless Bitcoin shows significant strength above $60,000, ADA should be cautious about reaching the $0.36 target.
A drop below the $0.3 support level could trigger significant selling pressure, as many addresses have purchased ADA in this price range. Data shows that close to 540,000 addresses holding approximately 5.56 million ADA tokens are buying between $0.3 and $0.22. A drop below this range could lead to panic selling and increase downward pressure. In addition, speculators are showing a decline in bullish sentiment in the futures market. According to Coinglass data, although the share of leveraged long positions increased from 46% to 49%, a small decrease is observed thereafter, indicating that traders are taking a cautious approach.
In summary, although Cardanoâs ADA has begun to recover from its yearly lows, the $0.3 support level remains critical. While the immediate upside targets suggest potential gains, market indicators call for cautious optimism. As broader market dynamics develop, ADAâs ability to stay above $0.3 will be decisive in determining its short-term direction. Traders are advised to keep a close eye on these key technical levels and market sentiments.
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I EXPLAIN IN DETAILED.
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