Cardano ( $ADA ) saw a strong rebound during the past few days, but the rally stalled at $0.20, a resistance level that has proven its strength again. After this rejection, signs of cooling began to appear: open interest dropped by around 6.5%, and funding rates turned into negative territory, reflecting a decline in short-term traders’ appetite.
Nevertheless, the picture does not appear entirely negative. The price is still trading above the 50-day exponential moving average near 0.176, and indicators such as MACD and RSI still give buyers a chance to defend the uptrend.
In my opinion, the range between 0.176 and 0.18 dollars will be crucial. If the coin holds it, it could be just a retest and a buying opportunity before another attempt to break above 0.20 dollars. However, breaking it with a daily close could open the way to lower levels.
The bullish scenario will only be confirmed with a strong close above 0.20 dollars, and then attention may turn to the next resistance near 0.2580 dollars.
Do you think Cardano will succeed in breaking above 0.20 dollars this month, or will we see a deeper correction before any new upside?
