Cardano’s price has rebounded from a December 31 low of $0.3310 to around $0.4125, marking a substantial recovery in recent days. Alongside ADA, the broader crypto market has supported the move, with the price up about 25% from its yearly low. This rebound coincided with the performance of Bitcoin and other alts.
The daily timeframe chart shows Cardano price moved from a low of $0.3309 to $0.4100 this year. However, while this rebound is good, it remains well below the 50-day EMA and the Supertrend indicator. Additionally, the ADX has been trending downward, decreasing from a high of 47 on November 25 to its current level of 27.
Therefore, the token is likely to continue falling as sellers target the next key support level at $0.3310, its lowest level as of January 1. This rebound may continue in the coming months as traders await the approval of the first ADA ETFs and the launch of the Midnight mainnet. A spot Cardano ETF would be bullish for the token as it would lead to more demand from American retail and institutional investors.
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