Cryptonews - The Cardano coin has found support at the level of $0.70 with bulls trying to reverse its downward trend.

The price of Cardano (Cardano-ADA) has risen by 1.3% over the past 24 hours, stabilizing above the $0.70 level, as bulls (bullish speculators) attempt to reverse its downward trend that began on March 2nd.

Trading volumes have decreased by 26.6% as volatility has begun to subside. In contrast, the general market sentiment has shown some relief with the fear and greed index reading improving from its lowest levels at 15 to reach 19; although it still indicates a state of "extreme fear," the market may be approaching a temporary bottom as investors start buying to take advantage of low prices.

#Cardano $ADA remains positioned

Famous trader Ali Martinez emphasizes the importance of Cardano's price staying above the $0.80 level this week, and he expects that a breakout above the resistance level of $1.20 could drive the price of this digital asset to $10 in the medium to long term.

The price of Cardano seems on the verge of re-testing the resistance level of $0.763, will it succeed in breaking it?

ADA has lost 12.6% of its value since the beginning of the year, yet it has remained resilient during the recent sell-off, and its performance has been better than that of some other well-known coins like Solana (Solana-SOL) and Ethereum (Ethereum-ETH), which suffered losses of 33.6% and 42.7% respectively during the same period.