Last week marked a significant shift in ADA’s trading level as it saw its biggest daily recovery in over a year. This triggered a sudden positive sentiment, but quickly faded after rejecting $1 with a massive dump.
Continuing the bearish move, ADA broke lower last week and created a new support above $0.58 after staying well above the $0.5 level earlier in February. It saw a slight rejection and ended that month on a weak note.
Last weekend marked the start of a new month, and it surprisingly opened long and rallied hard from a low of $0.65 to a high of $1.17 – recording an 80% gain in a single day.
While that brought the price back to a two-month high, it saw a rejection, and the price dipped to $0.75 yesterday. A recovery from there shot the price to $0.988 today. It faced resistance there and retraced to $0.937.
Holding yesterday’s low well could bring more recoveries in the coming days. That could lead to a complete trend reversal. Failure to hold well may trigger another leg down, capable of crashing the price to $0.4.
Considering the recent upsurge, the bulls will likely have the upper hand in the future. But they must retake the $1 level before regaining control.
Source: Tradingview
Currently, the $0.988 level is posing a threat to the bulls. If they push through it to retake the $.17 resistance, the next level to watch for a breakout is $1.32.
Resuming bearish, the $0.83 and $0.68 levels are potential supports to keep in mind. If the bears pull below it, the $0.58 level is considered the next support before breaking to a new low.
Key Resistance Levels: $0.988, $1.17, $1.32
Key Support Levels: $0.83, $0.68, $0.58
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
The synthetic dollar race just took a decisive turn. Ethena Labs has officially expanded its…
Coinbase was appointed as the official treasury deployer of USDC on Hyperliquid, this marks a…
The OP Stack ecosystem enters a critically exciting stage in Q1 2026, as Optimism begins…
South Korea’s nascent crypto ecosystem has taken a big step toward onchain finance with the…
Jupiter Lend unveils its first institutional partnership and external asset manager integration as it kicks…
The cryptocurrency market is in the crosshairs once again, an explosive price move in SkyAI…