Amidst a backdrop of persistent declines in recent weeks, the Cardano (ADA) price has found itself at a critical juncture, touching a crucial weekly support level where potential buyers may intervene to thwart further downturns.

At $0.433, ADA intersected with the weekly Simple Moving Average (SMA) 50, a level that has historically served as a sturdy bulwark for the coin since late October 2023. This touchpoint carries substantial significance, suggesting a pivotal moment for ADA's trajectory. The broader cryptocurrency market, led by Bitcoin, witnessed a downward trend last week, spurred by higher-than-expected government employment data for May, which reported a gain of 272,000 jobs. Despite this, ADA managed a modest 0.54% uptick over the past 24 hours, reaching $0.439 from a low of $0.432 the day prior.

This recent price action underscores ADA's positioning on a significant support level, where a substantial stash of nearly 3.47 billion coins is held across numerous addresses. According to IntoTheBlock data, these coins were acquired by 350,940 addresses within the $0.371 to $0.431 range, with an average price of $0.3944. Should ADA consolidate above this support, including its weekly SMA 50, and gather upward momentum, it could signal the onset of a new bullish phase. Consequently, market observers and analysts will closely monitor Cardano's price movements in the ensuing days to discern its future trajectory.

Currently, ADA finds itself ensconced within a symmetrical triangle pattern, indicative of an ongoing tug-of-war between bulls and bears. Notably, traders recently propelled the ADA price above the daily SMA 50, situated at $0.461 on June 7, briefly pushing it to highs of $0.49 before encountering resistance and initiating a pullback.

As ADA embarks on a bid to rebound from a four-day losing streak, the extent of the bullish resurgence remains uncertain. A breach of the $0.49 resistance barrier could pave the way for a rally toward $0.62, with a minor hurdle expected at $0.57. Conversely, a retreat below the daily SMA 50 at $0.461 might indicate profit-taking by bulls, potentially confining ADA within the confines of the symmetrical triangle pattern for the foreseeable future.