Cardano has remained bullish in the long-term despite the recent sell-off. The digital asset is currently trading at $1.18 after a significant rebound from a key support trendline formed on the 12-hour chart.
Cardano price aims for a massive 25% rebound
On the 12-hour chart, Cardano price defended a key support trendline and bounced from $1.12 to $1.22. Additionally, bulls have also managed to push ADA above the 26-EMA support level which has been a strong point since December 2020.
ADA/USD 12-hour chart
The In/Out of the Money Around Price (IOMAP) chart adds credence to this theory as it shows the strongest support area to be located between $1.11 and $1.15. Above this range, the most significant resistance is roughly established at $1.24, which means that a breakout above this point should quickly drive Cardano price towards $1.5.
ADA IOMAP chart
On the other hand, if bears want to come back, they will need to push Cardano below the key support level at $1.12. A breakdown below this point should drive ADA towards the psychological level of $1.