Potential Trend Reversal at Crucial Support Level

Last week, ADA exhibited a range-bound pattern, and its price experienced a downward movement, reaching the lower resistance level of the previously broken range channel. Currently, there is a notable correction in the price of Cardano. Nevertheless, it is noteworthy that Cardano's price has shown a positive response of 9% upon reaching one of the recognized support levels, accompanied by an attempt to establish an upward trend within the daily timeframe. This suggests the potential for a favorable reaction within this support range. However, it is essential to consider the possibility that the previous support level may have been falsely breached. Specifically, the critical support level at $0.34 holds significant importance for Cardano. A positive reaction originating from this range could potentially lead to a shift in trend within the shorter timeframes and mark the conclusion of the correction within the longer timeframes. The chart provides indications for short-term and medium-term targets.