Will Cardano Find A Bounceback from $0.25?Cardano's market price has fallen to the $0.25 support zone due to a resistance trendline.
ADA price has reached the 25 cents level, diminishing hopes of a bullish reversal.
RSI divergences suggest a potential sharp move in ADA's price.
ADA has returned to the $0.25 level three times in the past two weeks.
Despite a promising 50 EMA breakout, extensive selling at the overhead trendline has kept prices down.
The $0.25 zone has historically been a bounce-back area, with buyers preventing further price decline.
If the downtrend continues below $0.25, the Fibonacci retracement indicates support levels at $0.22 and $0.20.
ADA's current price is $0.256, showing a 1.18% growth for the day.
The market conditions for Cardano in 2023 seem bearish, but the upcoming Bitcoin ETF approval by the SEC could act as a bullish catalyst.
The RSI indicator in the daily chart shows a strong bullish divergence.
A positive trendline breakout could push ADA prices to $0.35 or even $0.45. However, a fall below $0.25 could lead to a significant drop to $0.229.
