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Cardano (ADA) has recently stabilized at a crucial support level of $0.433, signaling potential resilience amid a broader cryptocurrency downturn. This key weekly support, the SMA 50, has consistently bolstered ADA since late October 2023. With the overall market struggling after unexpected U.S. employment data, ADA’s minor uptick to $0.439 in the last 24 hours could indicate early signs of a bullish reversal.
Investor confidence might be rising as data from IntoTheBlock reveals that approximately 3.47 billion ADA are held by nearly 351,000 addresses at an average price of $0.3944, suggesting a strong base at the current levels. This consolidation at the weekly SMA 50 could be the platform ADA needs to launch a new upward trajectory.
Looking ahead, ADA’s movement within a symmetrical triangle pattern hints at an ongoing tug-of-war between buyers and sellers. The recent push above the daily SMA 50 and a brief spike to $0.49 showcase the potential for further gains if the $0.49 resistance is decisively broken. The next target for ADA could be as high as $0.62, with only minor resistance anticipated at $0.57.
