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Cardano (Ada) fought to keep some crucial levels over the month, falling to the minimum at several months over the weekend. As the cryptocurrency tries to contain a key support area, some analysts believe that this Make-O-Break revisitor will determine his next great move.
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Cardano to see more bleeding
Cardano is recording a daily increase of 4.5% after rebounding from the area of $ 0.51 on Sunday. In particular, Ada was in a downward trend after its 3 -year $ 1.32 maximum in December 2024, which ended after the breakout of the late April and the bullish event of May.
However, the cryptocurrency has struggled to hold its April-May range between the June market pullback, losing the key to $ 0.66 ten days ago. Since then, Cardano has recorded seven consecutive Red Daily candles and have dropped below the support of $ 0.60.
Sjuul of Altcryptogems suggested that Cardano Rally will be interrupted unless a land is recovered. According to the analyst, the action of the multi-mese price of the cryptocurrency “ended up being a classic distribution scheme” after losing the support of $ 0.66.
This would signal that the Ada rise tendency has ended and a potential downward tendency is in the lead. “Until we claim $ 0.66, we expect a further reduction from now on,” he said.
In the meantime, the Bitcoin market observer has highlighted the June reduction tendency of the cryptocurrency, stating that if the price remains below the descending trend line, the downward pressure will persist.
He added that “another bass in the IV wave is still possible”, suggesting that a drop of less than $ 0.50 could be on the horizon before the next wave. However, the analyst observed that “should be a brief storage on the back of the medal” since a “sustained breakdown would weaken the bullish perspective”.
Ada Retest to trigger the rally at $ 1?
Among the ongoing global war tensions, Ada’s price has re -established the crucial support of $ 0.52 on Sunday, hitting a minimum of four months of $ 0.51, before recovering and closing the week around the sign of $ 0.54.
The rose market watcher signals have noticed that a weekly closure around the crucial level of $ 0.56 would continue the possible double bottom configuration that forms on the Ada table.
The analyst added that a rebound confirmed by the area of $ 0.54- $ 0-56 could send the price to the initial objective of $ 0.99 and set the foundations for a climb to the resistance of $ 1.20 and $ 1.50.
On the contrary, not being able to contain this area could see Cardano losing its six -month price range and retracting at $ 0.32. In the meantime, Crypto Miliardi has said that Cardano seems to form a potential triple Bottom structure, which could lead to a bullish inversion.
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Since the cryptocurrency has re-established the support of the area of $ 0.50- $ 0.52 during the weekend, the analyst showed that this key range had been kept twice first by the November breakout.
In addition, he stressed that Ada’s price seems to exchange within a multi -month -old wedge model, which suggests a breakout towards the sign of $ 1 if the price climbs the upper border.
At the time of drafting this document, Cardano is exchanged at $ 0.54, a drop of 15.6% in weekly times.
In the foreground image from Usplash.com, graphic designer from tradingview.com