Cardano Aims to Break Losing Streak: Can It Rally to $0.62?

• Cardano aims to rebound from a four-day downturn, with a potential to surge to $0.62 if it breaks the $0.49 resistance level.
• ADA’s price touched a critical support level at $0.433, aligning with a broader market decline influenced by high May employment data.
• Currently, ADA is up 0.54% at $0.439, holding significant support with 3.47 billion ADA held by numerous addresses in the $0.371 to $0.431 range.

Cardano (ADA) is attempting to recover from a recent four-day downturn. Should buyers succeed in breaking past the $0.49 resistance level, ADA could potentially surge to $0.62. 

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While there is minor resistance at $0.57, it is expected to be overcome with sustained bullish momentum. In recent weeks, ADA’s price has been on a steady decline, finally touching a significant weekly support level at $0.433, the weekly SMA 50. This level has been a critical support since late October 2023, making its current touchpoint a pivotal moment for ADA. 

This recent decline aligns with a broader market downturn, influenced by a significant drop in major cryptocurrencies, including Bitcoin, following the release of unexpectedly high employment data for May, which reported 272,000 new jobs.

As of the latest update, ADA’s price is up by 0.54% over the last 24 hours, reaching $0.439, just above the previous day’s low of $0.432. This price action suggests that ADA is holding at a major support level, where a substantial 3.47 billion ADA, purchased by 350,940 addresses at an average price of $0.3944, is currently held.

Source: TradingView

Data reveals this concentration of holdings, highlighting the importance of the $0.371 to $0.431 price range as a significant support zone. If ADA can maintain its position above this support, bolstered by the weekly SMA 50, it could signal the beginning of a new bullish trend. Traders and analysts are closely watching ADA’s movements to predict its next direction.

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