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Cardano (ADA) price has reached a critical weekly support level where buyers might intervene to prevent further decline. After weeks of steady declines, ADA touched the weekly SMA 50 at $0.433. This level has significantly supported ADA’s price since late October 2023, making ADA’s touch here still important.
Analytical Report on ADA
Cryptocurrencies closed the previous week with a decline as the market led by Bitcoin fell on Friday following the government’s May employment data, which showed much higher-than-expected job gains of 272,000. At the time of writing, ADA rose by 0.54% in the last 24 hours to $0.439. This was slightly higher than the previous day’s low of $0.432.
The current price action indicates that ADA is on significant support held by a substantial number of addresses holding approximately 3.47 billion tokens. According to IntoTheBlock data, 3.47 billion ADA were purchased by 350,940 addresses in the range of $0.371 to $0.431 at an average price of $0.3944. If ADA manages to stay above this support level, including the weekly SMA 50 support, and gains upward momentum, it could signal the beginning of a new bullish trend. So, what’s next for ADA’s price?
Price Prediction for ADA
Cardano is currently trading in a symmetrical triangle formation, indicating a battle between bulls and bears. Investors managed to push ADA’s price above the daily SMA 50 at $0.461 on June 7. ADA briefly reached peaks of $0.49 before encountering resistance and starting to decline.
ADA is now trying to recover from a four-day losing streak. It is still unknown how far the bulls will take the recent price recovery. If buyers surpass the $0.49 barrier, ADA could rise to $0.62. There is slight resistance at $0.57, but it is expected to be overcome. Conversely, if Cardano falls below the daily SMA 50 at $0.461, it could mean that bulls have taken profits and ADA’s price might remain trapped within the triangle for a while longer.
