Cardano Bulls Defend $0.61 Support, But the Bearish Structure Remains Intact-What’s Next for the ADA Price Rally?

The post Cardano Bulls Defend $0.61 Support, But the Bearish Structure Remains Intact-What’s Next for the ADA Price Rally? appeared first on Coinpedia Fintech News

Cardano has managed to find temporary support above the $0.6 mark, a level where buyers have consistently stepped in to defend the price from further losses. However, despite this, the broader price structure remains bearish, and the ADA price continues to struggle beneath key resistance levels. Here’s a closer look at what the charts are saying. 

The ADA price has repeatedly bounced off the $0.6 to $0.63 zone over the past several sessions, highlighting this as a critical support range. Bullish participants appear to be accumulating at these ranges, preventing the price from breaking lower. The demand zone is reinforced by previous price action and the recent buying volume, marking it as a key level to watch going forward. 

Despite the support zone holding, the overall trend remains bearish as the ADA price is unable to close above $0.74. Meanwhile, a rise above the range has quickly triggered a massive pullback, which makes these levels mandatory to rise and secure. Meanwhile, the supertrend has turned bearish, which suggests the descending trend could prevail for a while. On the other hand, the RSI has rebounded from the lower threshold, signaling a rise in the strength of the rally. As a result, the ADA price seems to be poised to surpass $0.69 in a short while, but the question remains whether the token could make it above $0.73. 

Cardano’s price is currently in a technical tug-of-war where bulls are defending a structurally important floor at $0.61 but are unable to break the resistance. Until this structure finds some resolution, the current trading condition may prevail, which could likely dictate ADA’s next significant move.