CandleFocus

Cardano eyes recovery as it retests key support, funding rate and bullish bets signal optimism

Cardano eyes recovery as it retests key support, funding rate and bullish bets signal optimism
Cardano (ADA) has seen a slight recovery of 4% after a 7% decrease the previous day. On-chain metrics indicate further recovery as ADA's funding rate turns positive and bullish bets reach the highest level in over a month. The $0.64 level is a key support level and if it holds, ADA could extend the recovery to retest the $0.98 resistance level. However, the Relative Strength Index (RSI) suggests bearish momentum, and the RSI must move above 50 for sustained bullish momentum. On-chain metrics and the funding rate indicate bullish sentiment, but a daily candlestick close below $0.57 could invalidate the bullish outlook.

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