Cardano (ADA) recently faced a significant price drop but quickly rebounded, reinforcing key resistance and support levels.
Massive Market Liquidation
After the massive liquidation event on the cryptocurrency market, which according to several estimates amounted to at least $8 billion, Cardano (ADA) experienced a 37% drop over the last 24 hours, hitting a low of $0.506.
Path to Price Recovery
Despite the sharp drop, it is interesting to note the rebound that occurred after ADA hit this low. Over the next few hours, the Cardano token regained more than 41% of the drop, emerging below several crucial levels of $0.6 and $0.7 per ADA.
Key Resistance and Support Levels
These levels represent key price resistance and support for the Cardano token. The defense of these levels with buying after the avalanche of liquidation ended speaks volumes about the purchasing power of Cardano investors. If ADA manages to hold there, its price chart may take on a bullish bias, making a rise to the next major price zone at $0.8-$0.9 more likely.
The price action options for ADA are clear. Much depends on fundamentals and the movement of the cryptocurrency markets. Despite recent volatility, investors remain optimistic about Cardano's price.
