Based on the AMBCrypto Analytics:

Cardano alert: Why $0.43 is the price level to watch for ADA

Cardano [$ADA ] was in a downtrend on the daily timeframe and was trading just beneath the resistance level at $0.355. The technical indicators showcased a bearish trend as well.

AMBCrypto’s analysis of on-chain metrics revealed a more hopeful picture for the bulls. Will the recovery come about in August, or will long-term holders have to wait many more weeks?

The OBV has been flat over the past few days after the heavy drop in the first week of August. This showed that buying volume has not established superiority yet. The daily RSI was at 40 and the momentum remained bearish.

Together, they showed that the bias was bearish. The price action revealed the same, but there is some hope for the bulls Since the drop below $0.3, ADA has slowly pushed higher.

Over the next few weeks, it could form a bullish lower timeframe structure and set a series of higher lows and higher highs if it can breach the $0.355 resistance. Yet, in the daily timeframe, the recent lower high at $0.429 remains the level to beat.