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Cardano Struggles to Hold $0.60 Support What This Means for ADA Investors Ahead
- Cardano (ADA) is testing the $0.60 support level while showing signs of a potential bullish reversal with technical patterns pointing to a breakout.
- On-chain growth for Cardano remains strong, with over 5.4 million wallets and over 100,000 new wallets created in the last 60 days, boosting long-term investor confidence.
- The RSI is near oversold territory at 33.39, while there are mixed signals from MACD, Momentum, and CCI indicators.
- Cardano is currently trading at $0.599905 with a market cap of $21.22 billion and a 24-hour trading volume of $1.27 billion, showing a slight decrease of -0.34% in the last 24 hours.
- Community sentiment around Cardano is positive, with 81% of ADA holders maintaining a bullish outlook.
- Technical challenges persist for ADA, with major moving averages above the current price and key resistance levels at $0.75 - $0.78.
- Analysts observe the formation of a potential triple bottom pattern and a falling wedge structure, which could signal a bullish reversal for Cardano.
- Investors are closely monitoring ADA's performance near critical technical levels, anticipating a breakout that could lead to a new bullish phase for Cardano.
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