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Cardano
turned down from the breakdown level of $0.50 on Wednesday, indicating that the bears are trying to flip the level into resistance.
The flattish 20-day EMA ($0.44) and the RSI in the negative territory indicate a slight edge to the bears. There is support at $0.40 and then at $0.37. If sellers pull the Cardano price below $0.37, the ADA/USDT pair could tumble to $0.31 and potentially to the Oct. 10 intraday low of $0.27.
Buyers will have to push and maintain the price above the $0.50 level to signal a comeback. The pair could then rally to $0.60 and later to $0.70.
Related: Ether price rallied 260% last time this happened: Can ETH reach $5K? $ADA