Despite a Recent Rebound Above the Psychological Threshold of $0.60, Cardano (ADA) Remains Under Bearish Pressure

Despite a recent rebound above the psychological threshold of $0.60, Cardano (ADA) remains under bearish pressure.

Despite a recent rebound above the psychological threshold of $0.60, Cardano (ADA) remains under bearish pressure. The leading crypto of the Cardano ecosystem temporarily reclaimed this critical zone, but market data and technical analysis suggest that sellers maintain the short-term advantage.

Cardano Attempts to Preserve the Key Level of $0.60

Cardano started a rebound Thursday, April 16, after hitting a low point at $0.595. The price had previously recorded three consecutive days of decline since its recent peak of $0.668 reached on April 13.

During Thursday’s session, ADA reached a peak at $0.629 before stabilizing.

This Friday morning, buyers are trying to maintain the positive momentum but are struggling to firmly defend the $0.61 level. This hesitation reflects a balance of power that remains favorable to sellers in the short term.

Technical analysts identify several key areas to watch. On the upside, buyers should face significant selling pressure around the moving averages.

A daily close above the 50-day moving average ($0.70) could open the way for a rise toward $0.83.

Conversely, bears seek to strengthen their grip by pushing ADA below the $0.58 support. If this level breaks, the drop could accelerate toward the psychological threshold of $0.50, which crypto buyers will likely defend vigorously. A failure at this level could extend the correction down to $0.40.

Technical Improvement in the Background

During this period of volatility, the Cardano development team continues its technical progress. A new node version, Node 10.3.1, has just been released in preview.

This update brings several significant improvements: increased performance, optimized execution speed, reduced memory usage, and accelerated synchronization times. It also introduces refinements to the tracing system and supports lightweight checkpointing necessary for the activation of Ouroboros-Genesis.

These technical advances take place in a context of profound transformation for Cardano. After the recent announcement of Charles Hoskinson’s gradual departure, the project’s founder, the blockchain continues its transition towards fully community governance, in accordance with the Voltaire project.

Despite fluctuations in its price, Cardano is continuing to strengthen its technical fundamentals, while the market remains attentive to the direction the price will take in the coming days.