Cardano (ADA) Tends to Recover: Here are the Critical Levels!

ADA, the native token of the Cardano ecosystem, increased by approximately 2 percent in the last 24 hours, reaching $0.48. However, this is extremely low compared to the 2023 high of $0.66.

According to the analysis by altFINS, ADA is currently consolidating within the Down Channel formation. A break in the channel formations indicates that there may be a rapid movement up or down (depending on the course of the channel).

According to the analysis, the nearest support level for ADA is located at $0.46. He also points out that the $0.40-0.42 region is psychologically important. On the upside, the first resistance is $ 0.65, the highest level in 2022, followed by the level of $ 0.75.

Looking at the momentum, technical indicators show that ADA is in a downtrend in the short term. From a broader perspective, there is a neutral trend in the medium term and a continuing upward trend in the long term.

Considering the current consolidation and bearish trend, it means that we may face downward movements of ADA towards support levels in the short term. However, today's recovery indicates that a break above the $0.65 resistance level may also occur.
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