With the Cardano price trend turning bearish over the last week, the question is whether buyers can defend the $0.90 level for a possible recovery in the coming days?
As part of the general market correction, altcoins have suffered significant losses. Cardano has seen a significant decline during this correction phasethereby losing the critical psychological level of $1.
Will increased speculation in the market lead to a rapid decline in Cardano prices or is a bullish reversal possible?
Cardano price analysis
Currently, Cardano is trading at $0.90, with an intraday gain of 1.93%. This recovery comes after a bearish weekend that saw the price fall 4.84% on Saturday, followed by a 3.32% decline on Sunday.
Currently, ADA is struggling to maintain levels above the 50-day EMA line and is facing lower price rejections at the psychological $0.85 level. The 24-hour low remains at $0.86, while the crucial support, the middle pivot line, is at $0.851.
With an intraday recovery, ADA shows potential for a return to an overhead resistance trendline forming a falling wedge pattern. The Cardano price trend continues to hover above this critical level, with lower price rejections from the middle pivot line.
This increases the likelihood of the altcoin reclaiming the psychological $1 level as the broader market recovers. Based on current price action, the overhead resistance trendline aligns with the $1 mark, which could act as an important resistance level.
In the event of a breakout rally, Cardano price could target the $1,239 resistance level. On the other hand, the $0.85 support combined with the local trendline serves as a bullish floor.
In the…
