Saad Ullah
⬤ Cardano kept sliding this week, landing in a key support zone after completing a full wick fill on the daily timeframe. ADA's wick has now been completely filled, and the daily MACD is getting close to a reset that might indicate a change in near-term momentum. The chart shows ADA trading around $0.408, down over 5%, as it tests an area where horizontal resistance has flipped to support and meets a long-term ascending trendline.
⬤ The price action shows a clear pullback from recent highs near the top of a descending channel. ADA has moved straight into a wide support band that's acted as a major pivot point before. The chart also marks a broader structural zone around $0.35 to $0.38, which lines up with the range traders are watching for a potential relief bounce. The MACD at the bottom shows bearish momentum losing steam, with the lines starting to come together, backing up the idea of a momentum reset coming soon.
⬤ How ADA behaves during any bounce from here will help show whether it's building a bottom or gearing up for another drop. The chart supports this view, with ADA sitting right where an ascending trendline meets major horizontal support. The recently filled wick is easy to spot in the price action, confirming that ADA revisited an earlier liquidity pocket. While there's no reversal yet, the technical setup suggests a bounce attempt from this area would be pretty typical given current market positioning.
⬤ ADA hitting this cluster of structural support matters because these levels often shape broader market sentiment and near-term direction. How the price acts inside the $0.35 to $0.38 zone could tell us whether momentum can find its footing or if the correction still has room to run. With the daily MACD nearing a reset and ADA testing long-standing support levels, the next moves could be important for Cardano's medium-term outlook.
Saad Ullah
