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Cardano Eyes Bullish Reversal After 9% Drop, Says Analyst
- Cardano (ADA) is poised for a potential upside movement following a recent 9% decline, as per an analysis by TradingView user MyCryptoParadise.
- After a week-long correction that saw ADA drop from $0.73 to around $0.60, technical signals indicate a possible trend reversal.
- Analyzing the 4-hour ADA/USDT chart, analysts have observed signs of bearish momentum diminishing, with a liquidity sweep near $0.6200 potentially triggering a structural pivot.
- Bullish divergence on the MACD indicator adds weight to the reversal scenario, signaling a weakening selling pressure despite lower price lows.
- The $0.63–$0.64 range, previously a resistance zone, now serves as crucial support after Cardano's bounce back from $0.61 on June 14.
- The analyst recommends two entry strategies: aggressive traders might enter at current levels, while cautious traders could wait for a pullback into the $0.63–$0.64 area.
- A successful bounce at this support range could pave the way for ADA to target $0.70, representing a 10.6% upside potential from the current price.
- However, the bullish outlook relies on ADA maintaining levels above $0.6200, with a breach below that level potentially prompting a reassessment of the bullish structure.
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