Usman Salis
Cardano (ADA) price found some relief at the $0.77 level after a sharp drop. Traders are now watching closely to see if ADA can push above $0.80 to kick off a proper rally.
ADA Price Hits Key Support After Wedge Breakdown
Cardano just went through a textbook breakdown from a rising wedge pattern, which sent the price tumbling toward $0.77. But here's the thing – that level actually held up pretty well as support, giving ADA a small bounce to $0.778, up about 1.83%.
The breakdown also took out a key trendline that had been supporting the price for a while. Now that same line is acting as resistance, making it harder for ADA to climb back up. The 50-day moving average is pointing down too, so bulls definitely have their work cut out for them.
Cardano (ADA) Price Needs $0.80 Break to Get Going Again
Here's where it gets interesting. According to recent analysis, ADA might have found its bottom around these levels, but it needs to prove it. The magic number everyone's watching is $0.80 – if ADA can close above that level, it could signal that the worst is over.
The RSI is starting to recover from oversold levels, which is usually a good sign for a potential bounce. But let's be real here – if ADA can't get back above $0.80, things could get ugly fast. The next stops would likely be $0.70 or even $0.65.
What's Next for ADA Price Action
Volume has been pretty quiet during this whole move, which tells us that neither buyers nor sellers are really committed yet. For a sustained rally, ADA bulls need to show up with some serious buying power.
The technical setup is actually pretty straightforward – break $0.80 and ADA could see some decent upside. Fail to do that, and we're probably heading lower. It's one of those make-or-break moments that crypto traders know all too well.
Right now, ADA is sitting at a crossroads. The support at $0.77 gave it a lifeline, but whether this turns into something bigger depends on what happens at $0.80. Smart money is probably waiting to see which way this breaks before making any big moves.
Usman Salis
