Cardano (ADA) Price Dips, But Traders Still Target $0.96 Recovery

Cardano's ADA takes a hit, but the bulls aren't backing down. A key resistance level holds the path to a major comeback.

The Pullback Play

ADA's recent slide feels familiar—another altcoin correcting in a volatile market. Yet, the trading chatter isn't about the drop; it's focused squarely on the next move up. The target? A push toward $0.96. That figure isn't plucked from thin air; it represents a critical technical and psychological threshold that, if broken, could signal a significant shift in momentum.

Charting the Comeback

Forget the noise. Traders are mapping the recovery route, watching for consolidation patterns and volume spikes that precede a real breakout. The strategy hinges on ADA holding above recent lows—a classic 'buy the dip' setup playing out in real-time. It's a high-stakes game of patience versus panic.

The Trader's Gambit

This isn't blind optimism. It's a calculated bet on network fundamentals meeting technical alignment. Every minor rally gets scrutinized: Is this the start of the climb, or just another dead-cat bounce? The community watches, wallets poised, for that sustained move north.

One cynical observer might note this is crypto's eternal cycle: a dip, a target, a narrative of inevitable recovery—rinse and repeat until someone makes money or stops checking their portfolio. Yet here we are, eyes glued to the chart, waiting for ADA to make its move.

Buyers Defend Crucial Support Amid Weakness

On the daily timeframe, ADA is trading NEAR the lower boundary of a well-defined descending channel, a zone where the price has historically reacted positively. The current area aligns with strong horizontal support and a high-volume node, suggesting accumulation rather than panic selling. Multiple long wicks indicate that buyers are absorbing selling pressure.

According to crypto analyst @JohncyCrypto, there is strong buying interest in the support zone at $0.34-$0.36, and this zone is holding up well. This is a strong indication of a reversal to a higher position within the channel, even though there is still a prevailing bearish trend. The daily close above the support zone will keep the upmove technically valid.

However, as momentum builds, it’s more appropriate to view positive targets as resistance levels rather than fixed price movements. The critical resistance levels to focus on are $0.39, $0.47, $0.54, $0.61, $0.69, $0.76, and $0.96. The top channel and the $0.96 area continue to be solid resistance, where traders WOULD take profits.

Short-Term Structure Weakens Yet Stabilizes

According to technical analysis by @olaxbt, ADA is in a short-term downturn with lower highs due to a failure at around $0.38. It is falling, but remains above the Volume-Weighted Average Price (VWAP), showing that the sell-offs are being managed. The volume is not increasing, so there is less strength in the sell-offs.

CVD is currently trading lower than the simpler moving average with a period of 14, indicating there is some selling pressure. However, the fact that the angle of the line is flattening out indicates that the bearish momentum is waning. At the same time, the MFI is approaching the neutral area, indicating there is some bullish divergence.