ADA Faces Strong Resistance from the 200 EMA on the Daily Timeframe, Near the $0.75 Mark.

ADA, the native token of the Cardano blockchain, seems to be facing strong resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe, near the $0.75 mark.

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The native token of the Cardano blockchain, ADA, seems to be facing strong resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe, which is currently at around $0.75.

As the daily chart shows, the asset has been struggling to overcome this technical barrier for the last four days. After bouncing off the 200 EMA on Monday, the asset encountered resistance again on Tuesday and Wednesday.

However, on Thursday, the bulls managed to push the price above the 200 EMA, but the bears quickly retaliated, pulling the asset back below the 200 EMA. This action brought the asset to the lower support level at $0.68.

At press time, ADA is trading around the $0.70 mark, with a 3% decrease in the past 24 hours. During the same period, its trading volume dropped by 10%.

According to expert technical analysis, ADA is currently in a crucial support zone at $0.68 and $0.65, while $0.75 is acting as a strong resistance level, potentially hindering further rally attempts.

If ADA manages to breach the 200 EMA and close a daily candle above the $0.75 level, there is a strong possibility it could soar by 50% to reach the $1.13 mark. To achieve this target, ADA must first surpass a mild resistance level at $0.85.

On the other hand, if the asset falls below the $0.68 level, it could decline by 10% to reach $0.62 in the coming days.

Despite the mixed sentiment, traders appear bullish on the asset as they are betting on the long side. Data from Coinglass reveals that traders have over-leveraged at $0.685 on the lower side, with $15 million worth of long positions.

When combining these on-chain metrics with technical analysis, it appears that bulls are currently dominating the asset and could potentially breach this ongoing hurdle.

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