Cardano Faces Crucial Support Test as Price Hovers Near $0.49
Cardano (ADA) is approaching a critical support level after a 2.33% dip. The price is now testing the $0.49 mark, a zone that could spark a bullish rebound.
CardanoS Price Hovers Near Key Support Level
Cardano (ADA) is nearing a significant support zone after a 2.33% price correction. The $0.49 level is crucial as it could trigger a bullish rebound.
Currently, ADA trades near the lower end of its trading range, between $0.49 and $1.19. This zone is more than just daily support; it’s a convergence of major technical levels. Holding this area is vital for maintaining its bullish trend.
- $0.49 Support Zone: Acts as daily support, swing low, and value area low.
- Point of Control (POC): A critical level for sustaining upward movement.
- Potential Deviation Setup: A dip below support might lead to a sharp reversal.
ADA’s recent decline seems like a controlled correction. The price is testing $0.49, a key pivot point. This level is reinforced by multiple factors, making it a high-probability bounce area.
the $0.49 level is a confluence of daily support, swing low, and value area low. If buyers step in, it could spark a reversal.A breakdown below POC could shift sentiment.
ADA’s decline appears controlled. The price is now testing the $0.49 support zone, a key pivot level.
Traders should be aware of a potential deviation setup. A temporary dip below $0.49 could sweep liquidity before reclaiming the level, trapping late sellers and fueling a stronger upside move.
Volume remains subdued, suggesting ADA could continue to range until a catalyst initiates expansion. If ADA holds the $0.49 support, a bullish rotation toward $1.19 is highly likely. However,a breakdown below support could negate the bullish structure. Expect some chop at current levels, with a reversal favored if the support zone is defended.
