Cardano (ADA), the ninth largest cryptocurrency by market capitalization, is currently trading around $0.68 amidst market volatility. The big question remains—will ADA sustain its rebound or experience additional pullback?
Back in the Green
The cryptocurrency market has experienced significant price movements over the last 48 hours. Major cryptocurrencies, including Cardano, saw moderate gains of up to 6% on Tuesday morning. Despite the selling activity that followed, Cardano managed to close in the green. After a dip early Wednesday, the market saw a slight rebound with Cardano back in the green as traders took the opportunity to accumulate at lower prices.
Key Support and Resistance Levels
Cardano has steadily rebounded since March 31, finding support at lows of $0.63. Currently, the cryptocurrency is up 0.90% over the last 24 hours, trading at $0.683, while reflecting a 7.87% decrease over the week. The nearest support level is around $0.63, and a break below this could push the price toward $0.60 or lower. To regain bullish momentum, ADA needs to clear resistance at its daily moving averages of 200 and 50, which are at $0.73 and $0.75 respectively.
Future Market Prospects
As the market stabilizes, traders are interested in seeing sustained momentum that could confirm a rebound and potentially push prices higher. However, if selling pressure increases, ADA could test lower levels before finding fresh buying interest.
The future of Cardano relies on its ability to overcome current resistance levels and the interest of investors watching the market's volatility. In the short term, both further price fluctuations and a return to growth remain possible.
