Cardano (ADA) Price Eyes $0.60 Amid Market Recovery

The cryptocurrency market is showing signs of recovery, with most assets trading in the green, according to CoinMarketCap. Cardano (ADA) is among the top performers, gaining nearly 7% over the past 24 hours.

Despite the overall bullish sentiment, ADA’s short-term chart remains slightly bearish. On the hourly timeframe, the price is hovering near the support level, indicating potential downward pressure. If sellers maintain control, ADA could break below the current level and revisit the $0.57 zone.

However, the daily chart paints a more optimistic picture. ADA has recently tested the $0.5882 resistance level. A daily candle closing near or above this mark could signal continued upward momentum, with the next key target around $0.60. This would mark a significant short-term milestone for ADA, potentially encouraging further bullish action.

From a broader perspective, it’s still premature to predict ADA’s long-term direction. Yet, if the weekly candle closes well above the $0.5192 support, traders could anticipate a local push toward the $0.65 region. This would reinforce ADA’s midterm bullish trend and align with the broader crypto market rebound.

Investors and traders are closely watching ADA’s price action as it nears key resistance levels. A confirmed breakout could position Cardano as a standout altcoin during the current market uptrend. ADA’s performance in the coming days will be crucial in determining its ability to maintain upward momentum.