Cardano Seeks Breakthrough Amid Temporary Rebound

Cardano (ADA) is experiencing a temporary rebound from heavy selling after a significant drop. The price has surged by over 4.87% in the last trading session, with its daily trading volume climbing 21% to $371.43 million.

The asset's current trading range is between $0.1629 and $0.16, with two key levels breaking in quick succession. The three-day base at $0.1641 was breached first, followed by the cracking of $0.1571 on the largest candle of the week, which sent the price plummeting to $0.1534.

Since then, Cardano has moved back to the $0.1570 zone and is now attempting to push towards $0.16. However, the structure needs confirmation, and the asset's immediate resistance comes from local lows acting as a barrier.

Breaking through this trendline would lead to the next test of the descending resistance near $0.17. Micro resistance is concentrated between $0.164 and $0.175, with reclaiming $0.1570 being an essential step in determining whether Cardano's recovery has legs.