Will $0.50 ADA Support Hold or Crack Under Pressure? ⋆ ZyCrypto

Cardano (ADA) is in a make-or-break situation. The 10th-largest cryptocurrency based on market capitalization is walking on a tightrope just below the psychological price of $0.55.

Market analyst Vlad Hryniv pointed out,

As the broader altcoin market cools down, Cardano faces a fear-driven pullback that could see it drop below the psychological price of $0.55.

At this time, ADA hovered around the $0.583 zone per CoinGecko data.

Nevertheless, all hope is not lost because Hyrniv opined that key technical & psychological support around $0.60 usually align with extreme oversold signals and liquidation clusters, which historically signal potential bottoms.

The analyst added,

Meanwhile, Cardano finds itself inside a falling wedge structure, which is usually bearish in the short term but often precedes reversals once confirmed.

Therefore, Cardano finds itself at a critical point, which will shape its mid-term trajectory.

Meanwhile, Bloomberg senior analyst Eric Balchunas recently opined that Cardano was among the cryptocurrencies whose spot exchange-traded funds (ETFs) had a more than 90% approval rating from the United States Securities and Exchange Commission (SEC). The others were Dogecoin (DOGE) and XRP.