The post Can ADA escape bearish momentum as a key support zone approaches? appeared on BitcoinEthereumNews.com.

Cardano may be nearing a bullish reversal as it forms a falling wedge pattern on the daily chart, a structure commonly associated with trend reversals. According to data from crypto.news, Cardano (ADA) was priced at $0.6404 with a market cap of $23.12 billion as of press time. At its present price, the token is down 15% over the past 30 days and remains 44% below its year-to-date highs. Cardano earlier hit its 2025 high on March 3, when it surged 75% within a single day, largely driven by its inclusion in U.S. President Donald Trump’s proposed crypto strategic reserve, announced a day prior. Another contributing factor was investor optimism around the potential approval of Grayscale’s spot Cardano ETF by the U.S. Securities and Exchange Commission. However, sentiment has since cooled as network activity declined and the SEC delayed its decision on the ETF until July 15, 2025. Despite recent weakness, ADA’s technical structure is showing signs of potential recovery. The formation of a falling wedge pattern, a bullish reversal indicator, is developing, with price action narrowing toward a crucial support level. ADA price, 20-day EMA and MACD chart — June 16 | Source: crypto.news ADA is approaching the $0.51 zone, a level previously defended by bulls during a corrective phase in April. A continued drop toward this level could precede a trend reversal if buyers regain control. The token has also slipped below its 20-day exponential moving average, reinforcing short-term bearish pressure. The MACD remains negative, indicating a lack of bullish momentum, while the Relative Strength Index stands at 41, a signal that points to bearish conditions without yet reaching oversold territory. ADA RSI chart — June 16 | Source: crypto.news A decisive breakout above the wedge and key resistance at $0.68 could signal a reversal and drive ADA toward…

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Filed under: News - @ June 16, 2025 7:28 am