Cardano Nears Potential Trend Reversal
- Cardano (ADA) is gaining momentum as it tests a critical resistance line, catching the attention of traders looking for signs of a bullish turn.
- Trader Sheldon The Sniper recently observed that “$ADA is looking strong and close to the momentum trend,” noting improvements in the 4-hour chart structure. The analysis points to ADA’s gradual recovery from support levels, hinting at a possible exit from its extended downtrend.
- Currently trading around $0.65, ADA faces a descending resistance trendline connecting recent swing highs. Below, buyers are actively defending the support zone between $0.6245 and $0.6106 — a range matching the 0.618–0.786 Fibonacci retracement levels. This zone has repeatedly absorbed selling pressure and kept ADA’s short-term outlook constructive.
- A clean break above the descending trendline near $0.67–$0.68 could spark a move toward $0.72. This would mark a break of trendline resistance and potentially kick off a fresh upward move.
- That said, a rejection here or a drop beneath $0.61 would undermine the bullish case and likely extend the consolidation period.
- From a technical standpoint, ADA remains neutral-to-bullish, consolidating within a tightening wedge. A decisive breakout would likely confirm momentum is shifting, while holding support keeps the door open for upside in the near term.
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