coinpedia 2025-06-09 08:48:18

Cardano Deviates Before Testing Resistance-Where is ADA Price Heading Next?

The post Cardano Deviates Before Testing Resistance-Where is ADA Price Heading Next? appeared first on Coinpedia Fintech News The Cardano (ADA) price is navigating a consolidation phase as it trades around $0.662 after bouncing between $0.654 and $0.678 over the past 24 hours. The crypto has pulled back nearly 10% from its April highs, yet is showing early signs of a potential reversal supported by other external factors. The ADA price broke down from the ascending trend line last week, which triggered a short-term dip. Therefore, it is important for the third-generation token to sustain above $0.65 throughout the week, or else the bears could reclaim their dominance for a short while. In an interesting update, the Nasdaq has filed SEC Form 8-K, which confirms its proposal of expanding crypto benchmark. It has increased from 5 to 9 crypto assets by including XRP, Solana, Stellar and Cardano. This is considered a big win for crypto exposure as more altcoins are joining Nasdaq. Meanwhile, the SEC’s approval remains pending, which is expected to occur in the first few days of November 2025. Meanwhile, the ADA price has rebounded from the recent dips, but the question arises whether the ETF demand could fuel further upside. The ADA price has been squeezing within predefined resistance and support levels since the past week in an attempt to prevent a breakdown below the crucial support of the rising parallel channel. On the other hand, the 50/200-day MA is acting as the local resistance and support levels and a slight rise in the levels could raise hopes for a bullish crossover or the Golden Cross. However, it is very important for the price to sustain within the ascending triangle that has been formed within a parallel channel. Meanwhile, the RSI raises some concern as it has slipped below the ascending trend line, which suggests a drop in the strength of the rally. Therefore, until and unless the Cardano (ADA) price sustains above $0.635, the possibility of a bullish rebound is higher but as long as the token does not rise above the range between $0.77 and $0.8, the fear of a rejection may continue to prevail.