Cardano’s Future Uncertain: Will Price Dive Towards $0.53 or Bounce Back?

Cardano is facing a critical support test as it navigates the 61.8% Fibonacci retracement level, a pivotal point that may determine its price direction. A decline below the 300-day EMA at $0.6645 could trigger a downward trend, potentially pushing ADA to the $0.50–$0.55 support area. However, recent RSI readings suggest potential for an upside reversal. The current RSI level of 34.42 indicates oversold conditions, signaling an opportunity for a bullish rebound if ADA reclaims key levels above $0.68.