ADA dip buyers defend key support: Will the bounce lead to $1?
Main Idea
Cardano (ADA) buyers defended the $0.75 support level, potentially setting the stage for a rally toward $1, but the price faces resistance at $0.94 and risks a drop if it falls below the 20-day SMA.
Key Points
1. ADA's $0.75 support level was aggressively defended by buyers, possibly initiating a rally back to $1.
2. The price broke above $0.86 but failed to sustain higher levels, dropping sharply afterward.
3. A rebound attempt was seen near the 20-day SMA ($0.73), but resistance at $0.94 could determine further upward movement.
4. If ADA falls below the 20-day SMA, it may indicate a bull trap, leading to a potential drop to the 50-day SMA ($0.66).
5. Recovery attempts face selling pressure at the 20-SMA on the 4-hour chart, with a break above needed for a rise toward $0.90.
Description
Buyers aggressively defended ADA’s $0.75 support level, possibly kickstarting a rally back to $1.
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