The continued recovery rebound of Cardano encountered obstacles when it reached the $0.35 resistance level on March 14th.
The daily chart shows that buyers failed to break through the $0.35 level. The rejection of the price by long shadows indicates that traders are selling during price increases. If selling pressure continues, ADA’s price may continue the previous adjustment phase.
Possibly due to the increasingly bullish sentiment in the cryptocurrency market, Cardano bounced back from the psychological support level of $0.3. The resulting bullish reversal, supported by increasing volume, pushed the token’s price up by 18.45% to the $0.35 resistance level.
On March 15th, buyers attempted to break through the $0.35 level again but failed. The daily candle closing price was below $0.35, with a long upper shadow indicating that sellers are defending that level and may continue to exert pressure on the price.
If there are signs of more selling pressure near $0.35 in the coming days, Cardano’s price may decline and retest nearby support levels at $0.325 and $0.3.
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On the other hand, if buyers attempt to extend this recovery phase, the price will need to close daily candles above $0.35. The daily RSI returning to the midline (50%) indicates neutral market sentiment.
The daily EMAs (20, 50, and 100) are stacked near $0.35, creating strong resistance for buyers.
Overall, the upward momentum of Cardano’s price has stalled, and the cryptocurrency currently faces selling pressure at the $0.35 resistance level.