Cardano (ADA) is nearing a significant technical support zone as the latest price weakness puts emphasis on its short-term formation. Market data indicates ADA trading near a previously defended zone, with investors keenly observing whether buyers can keep control or if a breakdown could trigger additional decline.
According to the data given by CoinMarketCap, at the time of writing, the token is trading at $0.2853 with a 1.25% increase in rate. The market cap of the token has exceeded $10.27 billion, and the volume of the coin is around $389.86 million.
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Cardano’s Market Structure and Technical Context
Ada’s price chart reveals an upward momentum. This could climb toward the resistance at around $0.289. Assuming the bullish pressure strengthens, the golden cross might emerge and send the price up to test the $0.300 range.
If a reversal occurs, the bears might push down the Avalanche price to the support at $0.278. In case the downside correction gains more traction, the death cross could form, and likely drive the asset’s price to a low of $0.270 or even lower.
The moving average (MA) indicator shows that the coin is experiencing bullish momentum currently, as the MA line is below the candlesticks. The relative strength index (RSI) indicates that the token is neutral, neither oversold nor overbought, as the RSI is near the 50 median.
According to the data given by CoinCodex, the 200-day simple moving average in the long run is projected to reach $ 0.5508. The 50-day simple moving average (SMA) in the short term is projected to reach $ 0.3465. All these figures reflect a gradual but certain movement towards the higher ground.
The pivot points have established the support levels at $ 0.2806, $ 0.2744, and $ 0.2702. The resistance levels of the token are at $ 0.2910, $ 0.2952, and $ 0.3013. The coming phases are anticipated to analyze whether ADA will go through a breakdown into lower support areas or stage a rebound from its present level.
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