Cardano Must Maintain Support Between $0.67 and $0.80 to Recover

Cardano is currently trading above significant demand levels following a volatile reaction to Bybit's $1.5 billion hack. Key points include:

Cardano dropped over 7% in six hours amid market panic.
Despite the drop, it remains above crucial support, indicating bullish control as long as these levels hold.
The main support zone for Cardano (ADA) is between $0.67 and $0.80, a historical accumulation area.
A breakdown below this range could lead to increased selling pressure.
Market sentiment is stabilizing, with potential for ADA to rebound if bulls reclaim higher resistance levels.

Currently, Cardano is priced at $0.75 after failing to break the $0.82 resistance. The immediate goal for bulls is to push above this level and maintain it as support, which would enable testing of the $0.85 mark aligned with the 4-hour moving average. Key observations include:

Bulls must hold above $0.73 to confirm short-term strength.
If ADA drops below this level, sellers could regain control, risking further declines.
Successful breakout above $0.82 may trigger a strong rally towards higher resistance levels.

Investors are closely monitoring Cardano's price action to see if it can establish a higher low and break its ongoing bearish trend.