Cardano [ADA] slides down descending channel: Can bulls defend $0.3790?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. ADA cleared half of the gains made on the mid-February rally. Weekly price volatility and open interest flashed weak signs of a pivot. Over the past few days, bears have remained in control of […]

blockchain rival has already cleared 10% of its 20% gains from the mid-February hike. As of press time, ADA was trading at $0.3792 and had hit a key support level.Source: ADA/USDT on TradingView

After the FOMC meeting in mid-February, ADA rose from $0.3452 to $0.4216, a 20% appreciation. However, it has since formed a descending channel and fallen to $0.3744, a 10% drop after facing price rejection at $0.4216. If bulls defend the $0.3790 support, near-term targets could include the 50% Fib level of $0.3834 or the 61.8% Fib level of $0.3924. However, key resistance levels also lie at $0.3985 and $0.4052.

Alternatively, sellers may seek market entry if ADA closes below the $0.3790 support. This could offer shorting opportunities at the 38.2% Fib level of $0.3744 or $0.3712 . The downtrend could be accelerated if BTC drops below $23.76k.

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