Cardano Might Be Waking Up—But Is It the Real Deal or Just a Fakeout? – BlockNews
Cardano is forming a potential morning star pattern, hinting at a bounce toward $0.73, with $0.93 as the next bullish target if momentum holds. Analysts warn of downside risk, especially if ADA fails to reclaim the $0.70–$0.80 zone—losses could extend to $0.31 or even $0.24. A looming death cross between the 50 and 200-day EMAs and
- Cardano is forming a potential morning star pattern, hinting at a bounce toward $0.73, with $0.93 as the next bullish target if momentum holds.
- Analysts warn of downside risk, especially if ADA fails to reclaim the $0.70–$0.80 zone—losses could extend to $0.31 or even $0.24.
- A looming death cross between the 50 and 200-day EMAs and recent bearish MACD crossover suggest caution despite short-term bullish signs.
Cardano (ADA) might be teasing us with a little comeback. A potential morning star pattern is forming on the charts, and some traders are starting to whisper… is this the start of a new rally?
The market overall is still kinda jittery, but ADA is holding steady around $0.6724 after a brief dip from $0.6296. It’s not flying, but it’s definitely not crashing either. So… where does this go?
Bounce Incoming? Or Just Another Tease?
On the daily chart, things got a bit rough last weekend. ADA tried to push past the 200-day EMA but got rejected—hard. That rejection triggered three straight red candles and a quick 10% nosedive.
But here’s the twist: right around $0.60, a Doji candle popped up. Classic sign that buyers might be stepping in. That level also lines up with the 50% Fibonacci retracement, which adds even more weight to the support.
Now, with a bullish candle forming intraday, traders are watching for a full morning star pattern—basically a setup that often signals a trend reversal. If that plays out, ADA could make a run at $0.73, maybe even higher.
The Catch: That Death Cross Looms
Even with signs of a bounce, danger isn’t off the table.
The 50-day and 200-day EMAs are creeping toward a death crossover, which—if it completes—could trigger a big ol’ sell signal. Not what you want to see if you’re betting on a rally.
Also worth noting: the MACD just printed a bearish crossover during the recent weekend drop. So while short-term optimism exists, the broader trend still feels shaky.
Analyst Caution: $0.70–$0.80 Is the Line in the Sand
Crypto analyst Ali Martinez isn’t exactly sounding the bullish alarms. In fact, he’s warning that unless ADA reclaims the $0.70–$0.80 zone, we could be in for a much steeper fall.
If the bounce fizzles out? He says a drop to $0.31 or even $0.24 isn’t off the table. Ouch.
Targets to Watch (Upside… and Down)
If ADA manages to push through $0.73—that’s the 61.8% Fib level—it opens up room to test $0.93 next, sitting at the 78.6% retracement.
That’s about an 8.5% gain from where things stand now. Not bad. But if ADA stumbles and closes below that 50% Fib level, we could see it test support at $0.53, which would mean nearly 20% downside.
Final Take
Cardano’s trying to turn the ship around—but it’s still sitting on thin ice. That morning star pattern might play out… or it might not. The bulls need to move fast and push past $0.73 to really get the momentum going.
But between looming death crosses, weak volume, and resistance zones above—ADA still has a lot to prove.
If you’re in the market, this might be one of those “wait for confirmation” moments. Don’t chase green candles too early.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
