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Following
ADA Cardano (ADA) pulls back after a strong weekly rebound
In the past 24 hours, Cardano (ADA) has performed weakly, trading at around US$0.17, a intraday decline of approximately 4.84%. The coin price fluctuates between US$0.17 and US$0.18, with a market value of approximately US$6.35 billion, and daily trading volume of US$339 million. The decline followed Cardano\'s strongest short-term rebound in recent weeks.
After a sharp rise in the weekly line, it is resting.
Market analyst Daan Crypto Trades pointed out that Cardano performed strongly last week and outperformed most mainstream crypto assets. Although this indicates a possible gradual return of risk appetite in the altcoin market, analysts stressed that a single wave of gains is not enough to establish a sustained upward trend.
Cardano became the leading large-cap altcoin last week, but experts pointed out that this trend needs to be supported by another wave of gains to be considered sustainable growth. The current correction is seen as a natural respite after a sharp rebound from June lows. If the ADA stabilizes here and regains upward momentum, the first rebound area is expected to be between $0.19 and $0.20. Breaking through that range could redirect investors \'attention towards $0.22 and higher.
RSI divergence retains hope for recovery
From a technical perspective, the key signal highlighted by Token Talk is a positive divergence on the ADA chart: prices hit a new low, while the Relative Strength Index (RSI) reached a higher low. This pattern usually suggests that downward momentum is weakening, even if prices remain under pressure.
Explanation of terminology: RSI is a technical indicator that measures the speed and intensity of price changes. A positive divergence means that the indicator has not confirmed a new low, suggesting selling pressure may be fading.
Still, analysts warned the market that this signal must be confirmed. For ADA to remain strong, it is crucial that prices remain above $0.1850. If this level is held,$0.22 or even $0.25 may be retested in the short term.
On-chain data reveals a surge in the number of wallets
Technical outlook is supported by on-chain data. Data shows that since the June low, 14,783 ADA wallets with non-zero balances have been added. The dataset also showed ADA rose about 33% last week. The increase in new wallets suggests that interest is recovering despite prices remaining relatively depressed, suggesting that the latest correction may be just a pause in a larger rally.
The US$0.22 - 0.25 range was identified as a key threshold
Val Me pointed out that after clearing the same low, the ADA may be approaching the buy zone, but a safer structure will emerge only when the US$0.22 level is recovered and the US$0.22 - 0.25 range is held as support. This distinction is crucial: bouncing back from the bottom is not the same thing as turning the main resistance area into a new foundation.
A list of key prices:
·US$0.17--First short-term support
· 0.19 - 0.20--Initial rebound area
·US$0.22--Key breakthrough threshold
· 0.22 - 0.25--Confirmation range for a stronger structure
·US$0.155 and US$0.14-Tracking support levels in the downside scenario
For ADA to regain short-term strength, it needs to first stabilize above US$0.17 and then recover the US$0.19 - 0.20 region. More significant structural improvements will be tested in the $0.22 - 0.25 range.
Cardano\'s short-term prospects remain cautiously optimistic. However, to confirm a broader recovery, the ADA needs to steadily break through multiple resistance levels. Once we decisively break through US$0.25, the US$0.30 target will become more realistic.
