• Cardano (ADA) found support at the $0.3 level to stem selling pressure.
• A look at the price chart on the 12-hour timeframe revealed that bulls had used the level as a springboard for a significant bullish rally in March.
• The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators highlighted a new influx of buying pressure, offering good buying opportunities with take-profit levels at the $0.3760 level.
Can $0.3 Level Come to ADA’s Rescue Again?
Buying Pressure at Support Level
Cardano (ADA) found support at the $0.3 level to stem selling pressure after price rejection from a resistance level of $0.3760. This was due to a positive ruling for Ripple in its case against the US Securities Exchange Commission [SEC], which led ADA to post gains of 30%. However, it failed to cross this resistance level, leading to a sharp decline in prices and buyers looking towards the $0.3 level for support once again.
Bulls Build on Defense of Key Level
A look at the price chart on the 12-hour timeframe showed that bulls had used this support as a springboard for another significant bullish rally in March, taking prices up to an all-time high of $0.4622 during this period. On 13 July, ADA moved above this key support level which signaled potential recovery despite hitting yearly lows earlier in June ($0.2395).
On-Chart Indicators Echo Possibility of Rebound
The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators also echoed these possibilities by showing an influx of buying pressure around this key support area despite prices declining from their highs earlier in July ($0.3760). This could offer good buying opportunities with take-profits set at or near this previous resistance area ($0