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Cardano’s price, like the rest of the altcoin industry, plummeted in the early hours of Sunday. Although the BTC-induced price decline brought its exchange price all the way down to the $1.04 mark, the altcoin has managed to rebound significantly in the last 24 hours.
ADA was trading at $1.3 at the time of publication, with a market capitalisation of more than $41 billion. As the coin begins its turnaround streak, it has been able to post a minor 4 percent price increase in the last day.
Cardano 4-hour chart
The price of ADA has been approaching a 100 percent rebound in recent trading sessions. The coin did benefit from the price range of $1.25, which offered critical support; it is now on its way to the resistance range of $1.40 to $1.44. Despite the recent bullish momentum, sellers seem to be reentering the market, and ADA is losing some of its upward momentum.
As a result, considering the existing market environment, it is too early to decide whether a long or short stance will be more favourable for traders. However, if the bearish momentum continues, a drop to its immediate support level of $1.25 is very possible. As a result, a further price decline to $1.18 is improbable.
Technical indicators such as the MACD indicator have shown a bearish crossover and may indicate a pattern turnaround in the next 12-24 hours. The signal remains above the MACD axis, which can result in a short-term correction. The RSI indicator was in the neutral zone but was turning towards the oversold zone, meaning a sellers’ market for ADA in the short term.
ADA has been able to limit its losses and return to a steady uptrend, and it is on the brink of a complete turnaround. This will have to wait a little while because the ADA market is showing signs of a price turnaround, and its price action may soon be going down to the $1.25 level.