Cardano Shows Strength With V-Shaped Rebound as Market Wavers
Cardano’s ADA token displayed notable resilience Tuesday, mounting a sharp V-shaped recovery after finding strong buying support, even as the broader crypto market remained under pressure from global economic uncertainty.
According to CoinDesk Research’s technical analysis, ADA rebounded swiftly from an intraday low of $0.676, climbing back to $0.697, bolstered by a spike in overnight trading volume.
The bounce occurred at a critical support level of $0.684, where ADA saw the highest 24-hour volume of 45.7 million tokens. The surge in activity helped reinforce bullish momentum, hinting at renewed investor interest despite ongoing macro volatility.
At press time, ADA traded at $0.68, down 0.45% over the past 24 hours, while the CoinDesk 20 Index—which tracks the top digital assets—slipped 2.1%, reflecting broader market weakness.
Technical Setup:
- Recovery Pattern: ADA formed a V-shaped rebound from $0.676 to a high of $0.697.
- Support Zone: Buying pressure intensified at $0.684 with significant volume backing.
- Resistance Watch: Next upside target lies near the $0.702 resistance, seen in early morning price action.
- Trend Signal: Higher lows have emerged, particularly during early U.S. hours, where volume briefly peaked at 1.17 million.
- Breakout Confirmation: Break above $0.697 was supported by substantial trade volume.
As traders monitor the macro landscape—including heightened trade tensions—ADA’s rebound could signal short-term momentum, particularly if it continues to hold above current support zones.
