- Cardano tests $0.60 support as the triple bottom reversal pattern develops.
- RSI near oversold at 33.39; mixed signals from MACD, Momentum, and CCI indicators.
- On-chain growth is strong with over 5.4M wallets, boosting long-term investor confidence.
Cardano (ADA) is showing signs of a potential breakout after weeks of heightened market volatility. The recent price swings were driven by global macroeconomic pressures, shaking investor confidence across the crypto sector. However, ADA may be preparing for a turnaround as technical patterns point to a possible bullish reversal.
Currently, Cardano is trading at $ 0.599905 with a 24-hour trading volume of $ 1.27B and a market cap of $ 21.22 B. ADA price decreased by -0.34% in the last 24 hours.
Source: Coinmarketcap
Despite recent price declines, Cardano’s on-chain growth remains strong, reports AngryCryptoShow. The network now holds over 5.4 million wallets, with more than 100,000 new wallets created in the past 60 days.
According to TapTools, Cardano has added over 400,000 new wallets in just six months. The network now boasts more than 5.4 million wallets, with over 100,000 new additions in the last 60 days. ADA’s 24-hour trading volume has crossed $700 million, showing strong market participation even during price corrections.
Community sentiment around Cardano remains surprisingly positive. Data from CoinMarketCap shows that 81% of ADA holders maintain a bullish outlook, ranking Cardano as the 7th most optimistic crypto community.
Cardano Tests Key Support Triple Bottom Reversal Forming
Technically, ADA still faces significant challenges. The Relative Strength Index (RSI) sits at 33.39, nearing oversold conditions. Both the MACD and Momentum indicators signal continued bearish pressure. The Commodity Channel Index (CCI), however, has flipped bullish, providing a glimmer of hope for buyers.
Major moving averages remain above the current price. The 10-day EMA stands at $0.6324, while the critical 200-day EMA is at $0.7097. This gap highlights the strong downtrend ADA must overcome to regain bullish momentum.
If ADA breaks below the $0.60 support level, the next key floor lies at $0.57. A successful defense of these levels could trigger a short-term rebound toward $0.66. However, sustained recovery will require a shift in market sentiment and stronger buying pressure.
Resistance remains stiff between $0.75 and $0.78, a zone where previous rallies have repeatedly stalled. ADA must reclaim $0.62 first and eventually breach $0.70 to open the door for more significant gains.
Encouragingly, some analysts are eyeing a potential triple bottom pattern forming at these levels, a well-known bullish reversal signal. Additionally, ADA is currently moving within a falling wedge structure, which often precedes breakout rallies.
If Cardano can maintain current support and print a strong bullish candle on the weekly chart, it may gain upside momentum. Key upside targets include $1.00, $1.21, and a maximum bullish projection near $1.43.
Source: X
Investors are watching closely as ADA approaches these critical technical levels. A successful breakout could mark the beginning of a new bullish phase for Cardano, provided market conditions cooperate.
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