Cardano (ADA) could be gearing up for a fresh upside push, according to a new analysis from TradingView user MyCryptoParadise. After a week-long correction that shaved nearly 10% off its value, technical signals now suggest ADA may be building toward a trend reversal.
Price Correction Triggers Potential Setup
Between June 10 and June 17, ADA tumbled from $0.73 to a low near $0.60, marking a 9.6% pullback. Despite the downturn, price action around the $0.63 level hints at stabilization. As of Tuesday, ADA trades around $0.6328.
On the 4-hour ADA/USDT chart, analysts have identified an internal change of character (I-CHoCH) — a potential signal that bearish momentum is fading. This structural pivot followed a liquidity sweep near the $0.6200 mark, where sell-side pressure cleared weaker positions from the market.
Technical Indicators Support a Bounce
Bullish divergence on the MACD further strengthens the reversal case. While price action recorded lower lows, the MACD histogram and signal line moved higher — a classic sign that sellers are losing steam.
The $0.63–$0.64 zone, previously a resistance area, now acts as a key support. Cardano rebounded from a June 14 low of $0.61 to reclaim the $0.65 level, suggesting a successful flip of resistance into support.
Strategy: Eyes on Support, Targeting $0.70
The analyst advises two entry strategies. Aggressive traders might consider current levels for a position, while more cautious participants could wait for a retracement into the $0.63–$0.64 range. A confirmed bounce there would improve risk-reward conditions.
If momentum continues, ADA may challenge resistance at $0.67 and possibly extend to $0.70 — a 10.6% upside from current levels.
Still, the setup hinges on holding above $0.6200. A close below that threshold would nullify the bullish structure, prompting a reassessment of market direction.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/cardano-eyes-bullish-reversal-after-9-drop-says-analyst/