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Cardano 
$0.734863 (ADA) is attempting to reclaim the $0.80 level it lost on February 5. Despite signs of recovery in the price, uncertainty looms over whether this upward trend can be sustained. Significant resistance levels remain, and the overall trend in the cryptocurrency market could be decisive. Will ADA coin maintain this level or face a pullback? Here are the details.
Cardano Faces Obstacles at the $0.80 Level
Cardano’s price plummeted from $1.15 to $0.68 between January 17 and February 10, marking a 40% loss. However, a 15% recovery over the past week has helped recoup some of these losses.
According to the daily chart, this decline has formed a descending triangle pattern, typically a bearish signal. However, support at the $0.68 level has prevented further declines, allowing ADA to rise to $0.80. Still, Cardano continues to trade below the Ichimoku Cloud, indicating that it is facing strong resistance. If this situation persists, price may struggle to maintain upward momentum.
Signals for ADA Coin Price Upsurge Weakening
The four-hour chart raises doubts about the sustainability of this rise. While prices increased, the Chaikin Money Flow (CMF) indicator dropped below the zero line, signaling increased selling pressure and a weakening of the uptrend.
Additionally, the Moving Average Convergence Divergence (MACD) remains in neutral territory, with the 12-day Exponential Moving Average (EMA) closely shadowing the 26-day EMA. This suggests that market momentum for ADA coin does not support a strong rally.
If selling pressure continues, the ADA coin price may retreat to $0.72. In a more significant downturn scenario, it could drop to $0.66. Conversely, if buyers enter the market and critical resistance levels are surpassed, a rally to $0.90 might occur. Should a strong buying wave emerge, the $1 level could also be revisited.
