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Cardano Reclaims $0.69 After 5.8% Drop, Bulls Eye Reversal at Key Support Zone
ADA holds firm near $0.653 support, signaling potential for a short-term bullish reversal.
Indicators remain bearish, but the historical accumulation zone between $0.60–$0.40 draws buyer interest.
Cardano's growing network and developer activity may support a rally if price stays above $0.60.
Cardano (ADA) is currently trading at $0.6634 and has shown signs of holding strong near a historical support level. The $0.653–$0.60 zone has provided reliable footing for buyers in the past four months. With Bitcoin’s volatility easing and technical signals stabilizing, ADA may be preparing for a reversal.
Price Holds Key Support as Bulls Observe Reaction Levels
According to analysis prepared by MoreCryptoOnline via X, a possible wave (4) correction is underway. This pattern suggests that ADA should stay below $0.714 to remain valid. The support around $0.653 has served as a key bounce level multiple times and is being retested again.
Source: MoreCryptoOnline(X)
The Relative Strength Index (RSI) remains below 50, showing a bearish environment. The Awesome Oscillator (AO) also posted a red histogram under zero, which suggests continued selling pressure. However, these indicators often precede accumulation when the price hits strong technical support.
Source: Rami(X)
ADA dropped by 5.8% on May 31. Despite this, the token quickly reclaimed the $0.69 level, as noted by analyst Rami on social media. This price movement hints at buying interest returning near support.
Market Structure and Next Targets to Watch
ADA has fallen under the 50-day simple moving average (SMA) at $0.714, which now acts as a short-term resistance. A sustained move above this level may attract fresh buyers. If momentum builds, ADA could target $0.826 and $0.86, near the 200-day SMA.
The $0.60–$0.40 area is considered a historical accumulation zone. This range often sees long-term holders enter positions. If ADA can hold above $0.60 and form a higher low, traders may anticipate a rally toward $1.20.
According to a development report by Input Output, Cardano’s network growth continues with over 2,000 active projects and increasing user activity. This steady growth may support future price recovery if market sentiment improves.
The post Cardano Reclaims $0.69 After 5.8% Drop, Bulls Eye Reversal at Key Support Zone appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.