Cardano (ADA) has reached a local bottom. A rebound in the direction of $1 is possible
Cardano's price failed to hold most of its gains last week. However, ADA is now trying to break through the 33-day downward resistance line
The weekly timeframe shows that ADA has been trading in a horizontal range since November 2022, with support and resistance levels being tested multiple times.
The price began a rapid upward movement in October 2023, breaking out of the range the following month and reaching a new yearly high of $0.68 in December.
Despite the subsequent decline, the token rebounded at the top end of its range last week. It closed the week with a bullish candle, but left a long upper wick on the chart.
While Cardano isn't getting much attention on Platform X right now, some cryptanalysts are bullish on ADA's prospects.
