ADA dip buyers defend key support: Will the bounce lead to $1?

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.