Cardano (ADA) is undergoing prolonged selling pressure, pushing it down to a strong support level at $0.57. It is expected that buyers will fiercely defend this level.

Check out the ADA/USDT daily chart on TradingView for more insights!

If ADA rebounds from $0.57, it might face resistance at the 20-day EMA ($0.64). A drop below this EMA could increase the chances of slipping below $0.57, potentially completing a bearish head and shoulders pattern and paving the way for a drop to the critical support at $0.46.

On the flip side, if ADA breaks above the 20-day EMA, it could suggest consolidation between $0.57 and $0.68 for a while longer. A rise above $0.68 would indicate that the correction phase is over.

Stay tuned for more updates and happy trading! 🚀

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