Cardano is recovering from the $0.40 support, with analysts looking for a move towards $1.60 if the $0.51 resistance is cleared.
Market watchers are now focusing on key levels around $0.40, with recent activity suggesting buyers are intervening.
Bounce starts from Key Support
A recent chart shared by Rose Premium Signals shows ADA recovering from the lower edge of a descending channel over the two-day time frame. This zone, near $0.40, has previously acted as support. The current move suggests that bulls are defending this level again.
Notably, the setup also exhibits a falling wedge pattern, often linked to potential upside. The chart predicts a move towards $0.6 if the trend continues. Other levels mentioned are $0.51, $0.68, $0.95, $1.25 and $1.60. RPS noted,
“ADA appears poised for a strong rebound if support continues.”
For the recovery to gain momentum, ADA must break above resistance. The first key zone is at $0.51. A sustained move beyond this level could open the way to higher goals. If ADA fails to break out, it may remain within a consolidation range or retreat again. A loss of the $0.40 zone could cancel the current setup.
In a separate post, Crypto Yoda shared a 4-hour chart showing ADA moving within an ascending channel. The trend line has been tested several times and continues to hold. The asset is now heading towards a resistance zone around $0.475 to $0.485. Yoda wrote: “The price is now approaching a major resistance zone”, suggesting that this level could decide the next move.
Chart patterns are still intact
Another analyst, Man of Bitcoin, be to a five-wave structure in ADA’s recent price activity. As long as the ADA remains above $0.427, the chart will support another upward move. The support for a short-term pullback is between $0.421 and $0.388.
You might also like:
As CryptoPotato reported, Ali Martinez recently pointed out buy signals from both the SuperTrend and TD Sequential indicators. However, he also noted continued whale activity. In early November, more than 4 million ADA were disposed of in one week, totaling monthly sellouts reaches 440 million ADA by mid-November.
Still, some holders are holding out. Crypto YouTuber Austin Hilton said he has not sold his ADA and remains committed to the future of the project.
SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
#Cardano #ADA #price #setup #signals #reversal #current #pressure