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Cardano (ADA), the ninth largest cryptocurrency by market capitalization, is currently trading around $0.68 as the broader crypto market experiences volatility. The big question remains — will ADA sustain its rebound or experience additional pullback?
The cryptocurrency market has experienced whipsaw price movement over the last 48 hours. Major cryptocurrencies, including Cardano, saw moderate rises of up to 6% Tuesday morning. This price activity was followed by selling, though Cardano managed to conclude Tuesday in the green.
Godfrey BenjaminAfter a dip early Wednesday, the cryptocurrency market has slightly rebounded, with major cryptocurrencies, including Cardano, returning to the green as traders and investors saw an opportunity to accumulate at lower prices. Cardano's low of $0.663 was met with dip buying, with the crypto asset reaching intraday highs of $0.69 at press time.
What comes next?
As the market stabilizes, traders are now watching for sustained momentum to confirm the rebound and potentially push prices higher.
Tomiwabold OlajideCardano has steadily rebounded since March 31, when it found support at lows of $0.63. If today closes in green, ADA might mark its third day of gains since this date. The cryptocurrency is still down from its recent highs but remains above key support levels.
At press time, ADA was up 0.90% in the last 24 hours to $0.683 but down 7.87% weekly.
The nearest support level is around $0.63, and a break below this could send ADA toward $0.60 or lower. On the other hand, ADA must clear resistance at its daily moving averages of 200 and 50 at $0.73 and $0.75, respectively, to regain bullish momentum and potentially target $1 in the near term.
However, if selling pressure increases, ADA could test lower levels before finding buying interest.
Vladislav Sopov
Dan Burgin