Cardano (ADA) is at a critical juncture as it battles strong resistance at the $0.75 mark, where the 200 Exponential Moving Average (EMA) stands firm. After four consecutive failed attempts to break past this level, ADA’s next move could determine its short-term trajectory.
Current Price Momentum
As of now, ADA is trading around $0.70, experiencing a 3% dip in the last 24 hours. Notably, trading volume has also dropped by 10%, indicating reduced market participation. This decline in volume suggests that traders are either waiting for a breakout or bracing for further downside.
Key Technical Levels to Watch
Cardano is hovering near crucial support zones at $0.68 and $0.65. If ADA manages to hold above these levels, it could make another attempt to breach the 200 EMA. A successful close above $0.75 could trigger a sharp rally toward $0.85, followed by a potential 50% surge to $1.13.
However, failure to maintain support above $0.68 might lead to a decline toward $0.62, marking a 10% drop from current levels.
Traders Bet Big on ADA’s Upside
Despite recent price struggles, traders remain optimistic about ADA’s future. Coinglass data reveals that over $15 million worth of long positions have been placed at $0.685, signaling strong confidence in an upward breakout. Additionally, $5 million in short positions have been built at $0.714, meaning a breach of this level could fuel further volatility.
What’s Next for ADA?
The next few days will be crucial for Cardano as traders await a decisive move. If ADA breaks above the $0.75 resistance, the road to $1.13 becomes more likely. However, a drop below $0.68 could trigger further downside pressure.
For now, all eyes are on whether Cardano can turn the 200 EMA resistance into a support level and reclaim its bullish momentum.
