ADA Technical Analysis: 18 APR 2025
ADA rising wedge breaks down, eventually adding to the prevailing selling pressure. Source: TradingView
General View
Cardano ran into exhaustion once again after bulls failed to break above the rising wedge pattern. While bulls briefly regained control, the move was unsustainable, leading to profit-taking once again. Price is currently trading in a narrow ascending channel, but the broader trend reflects pressure. ADA remains under the shadow of a broader downtrend, limiting bullish potential. If bulls can’t reclaim key levels soon, another retest of the key support is inbound.
On The Upside
ADA bulls are facing a strong wave of resistance between $0.6220 to $0.6350 levels. This is going to be a very challenging zone for the Bulls. However, is this now an essential area for bulls to recover if they are to push for higher levels, as failure to reclaim $0.6350 would restrict any upside potential.
On The Downside
The channel support near $0.6070 is the immediate level to watch. A break below this level would push for fresh selling rounds, which would expose ADA towards the higher time-frame key support range. This support range is currently positioned between $0.5950 to $0.5830 levels. This is a very crucial range for ADA to hold to avoid being pushed into an aggressive selling stance.
Cardano is lining up for a retest of the key support range. Source: TradingView
