Cardano (ADA) Faces Final Hurdle Before Recovery: What You Need to Know!
Attention crypto enthusiasts! đš A top analyst, Alan Santana, warns that Cardano (ADA) is still navigating a challenging bearish trend, but donât lose hope just yet. While ADA is approaching the tail end of its correction, thereâs one last dip that might be on the horizon before we see a recovery!
đ Why the Caution?
Despite a recent price bump, ADA is struggling to breach the critical 200-day Moving Average (MA200). This key resistance level is proving to be a tough nut to crack, signaling that buying momentum is still lacking. Low trading volume is also hampering ADAâs ability to sustain upward movement.
đ Current Price Action
ADA is trapped within a descending channel characterized by lower highs and lower lows. Recent rejections at the upper boundary suggest another potential downward move could be imminent.
đ Key Support Levels to Watch:
$0.2200: Major support level that could signal a reversal.
Intermediate levels at $0.2753, $0.2500, and $0.2366 are likely to be tested as the correction unfolds.
While a final drop seems likely, Santana believes that the long-term outlook remains promising. A recovery phase could see ADA gradually climbing back toward 2024 highs, potentially by Q1 2025!
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