Cardano (ADA) Tests Key Support at $0.65 Amid Price Volatility

Cardano (ADA) is currently trading near a key support zone at $0.65, with a slight gain of 0.5% in the last 24 hours, but has decreased by approximately 30% over the past month.

Key points:

ADA has been in a broadening wedge pattern since December 2024.
If ADA fails to hold above $0.65, it may drop to a critical support level of $0.59.
Jonathan Carter suggests there is potential for recovery towards $1 if buyers defend the next support.
The 4-hour chart indicates ADA is in consolidation, with resistance at $0.7002 and immediate support at $0.6271.
RSI shows subtle bearish divergence while MACD indicates weak bearish pressure.
A breakout above $0.7002 could lead to a rally towards $0.72 or higher.
There are discussions regarding ADA's appeal to institutions and possible interest from the US Treasury.
Investor Alex Becker predicts ADA could rise to between $3 and $5, citing its decentralization and speed compared to competitors.