This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Cardano (ADA) is currently trading near $0.37, which is considered a key support level for the coin as other altcoins experience a decline. Despite a drop in price, there are indications that ADA may be poised for a rebound. A crypto analyst has identified a potential buy signal for ADA on the 4-hour chart. The analyst points to the 100-EMA acting as a rebound zone for ADA, while the $0.396 level serves as a resistance. The TD Sequential indicator also presents a buy signal within the 4-hour time frame. However, traders should pay attention to the candlestick close above the resistance level or below the 100-EMA to confirm the direction of ADA’s trend. In addition to the technical perspective, several on-chain metrics support a potential upside continuation for ADA. Cardano’s Net Realized Profit/Loss (NPL) and Market Value to Realized Value (MVRV) ratio have recently shown positive signs. The outlook is further supported by bullish developments in the cryptocurrency’s decentralization efforts. Cardano has also made recent announcements regarding partnerships and the launch of an AI chatbot. Despite minor declines in price, ADA remains in an overall uptrend.