Cardano Rebounds from Shallow Selloff, Eyes $0.2977 Resistance Level

Cardano (ADA) experienced a steep drop of 3.28% in just one hour on Sunday, sending its price to $0.2418. However, the token has since recovered and is now trading near $0.2518, up 2.9%. According to an AI prediction, ADA's recovery is likely due to the shallow nature of the selloff, which did not trigger a liquidation cascade.

The Cardano Foundation's partnership with UCLA Anderson to expand blockchain education may have contributed to the token's resilience. The foundation has partnered with the university to develop Academy content that will be integrated into UCLA's course in 2027 and provide fellowships to five early-stage startups. While this news is seen as a positive development, it is unlikely to have an immediate impact on ADA's price.

The AI prediction suggests that ADA's next level of resistance lies at $0.2977, which capped the token's price in the spring. If ADA can break above this level, it could indicate a full trend reversal and potentially reach the 2023 range high of $0.4019. However, if the price drops below the 50-day EMA at $0.2171, it could signal a return to the summer range.