Cardano price tests main support for the fifth time as ADA fizzles out towards its bottom - ELEVENEWS

• Cardano price has tested the crucial support at $0.2397 for the fifth time this year amid mounting overhead pressure.
• ADA could rise 5% to test the $0.2555 resistance confluence, especially if history is enough to go by.
• Meanwhile, on-chain data shows that over 90% of token holders are sitting on unrealized losses, giving the altcoin recovery period.
• A break and close below the critical support at $0.2397 would invalidate the bullish outlook.

Cardano (ADA) price has been stuck within range for the past several months, rising only to pull back to specific mean position. The oscillation has limited the upside potential for ADA, with its price stagnating around multi month ranges.

Cardano price tests crucial support

Cardano (ADA) price is testing the crucial support at $0.2397 for the fifth time this year, coming on the back of multiple pullbacks after attempted breakouts. It comes as overhead pressure continues to build for the altcoin, depicted by the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $0.2556, $0.2701, and $0.3001.

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