According to crypto analyst Crypto Simon, Cardano (ADA) is gearing up for an important price movement as it challenges the $0.4667 support level. Reflecting on Cardano’s recent price journey, Simon noticed ADA bounce off resistance at $0.6864 to form an equal high before descending down.
Now trading around $0.4667 demand, Cardano is showing signs of attempting to break this level for more upside. If price holds support here, Crypto Simon sees ADA ascending to challenge overhead supply levels.
However, if the $0.4667 support fails to hold, Simon has also mapped out bearish possibilities. The first is a bullish rebound from a lower “Order Block” around $0.4293. However, a drop below this secondary support could signal further bearish continuation for Cardano.
Traders will be closely monitoring if Cardano can maintain the $0.4667 level over the coming days and weeks. A successful defense may allow bulls to regain control, while a breakdown could open the doors to more downside for the Layer 1 blockchain asset. Crypto Simon and other analysts outline the bullish and bearish possibilities around this pivotal price level.
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