Cardano ADA surges 7 percent after hitting daily low of 82 cents
1min read On March 7, 2025, Cardano (ADA) faced significant resistance at the $0.88 mark after recovering from a dip to $0.82. The cryptocurrency's price movements throughout the day provided valuable insights into its market dynamics, with key support and resistance levels playing crucial roles in its performance.
The day began with a downward trend, pushing ADA's price towards its main support region at $0.82. Despite brief increases, ADA struggled to surpass the $0.94 resistance level. A pivotal moment occurred at 22:00 UTC on March 6 when ADA broke through the $0.88 support level, plummeting to a daily low of $0.82. However, robust buying activities enabled ADA to regain value, rising above $0.87 by 06:26 UTC on March 7.
Technical indicators played a significant role in confirming the market's movements. The Relative Strength Index (RSI) indicated an overbought condition during the 12:00 UTC period on March 6, suggesting an impending market adjustment. The RSI fell below 30 at 02:00 UTC on March 7, confirming an oversold market situation as ADA reached its daily bottom at $0.82. This oversold condition presented a valuable buying opportunity, with prices subsequently rising towards $0.88.
The Moving Average Convergence Divergence (MACD) indicator further supported the trend changes. A Golden Cross formed at 02:30 UTC on March 7, indicating a recovery while the RSI was at an oversold level. This bullish crossover suggested a return to upward market momentum. Conversely, a Death Cross formation at 12:00 UTC on March 6 signaled the start of price deterioration, leading to a substantial market breakdown.
Looking ahead, ADA's price performance will depend heavily on its ability to surpass the $0.88 resistance level. If successful, ADA could advance to the $0.90-$0.94 resistance region. However, failure to maintain prices above $0.86 could lead to another support reconfirmation at $0.82. The market's overall sentiment remains bullish as long as ADA can sustain its upward momentum and break through key resistance levels.