Cardano's ADA token has hit a crucial weekly support level, sparking hopes of a potential bullish trend. After a consistent decline, ADA has reached the weekly SMA 50 at $0.433, a level that has successfully supported the price since late October 2023. This development is significant, as it indicates a point where buyers may intervene to prevent further drops. Currently, ADA is trading in a symmetrical triangle pattern, reflecting a tug of war between bulls and bears.

The cryptocurrency market, led by Bitcoin, experienced a negative week due to higher-than-expected employment data, with 272,000 jobs added in May. However, ADA has shown a slight increase of 0.54% in the last 24 hours, reaching $0.439. This price movement suggests that ADA is at a major support level, where a substantial amount of ADA (3.47 billion coins) is held by a large number of addresses. If ADA can maintain above this support level and gain upward momentum, it could signal the beginning of a new bullish trend.

Traders and analysts are closely monitoring Cardano's price movement to determine its next steps. If buyers can break through the $0.49 barrier, ADA might rally to $0.62, with slight resistance at $0.57 expected to be overcome. However, if Cardano falls below the daily SMA 50 at $0.461, it could indicate profit-taking by bulls, keeping the ADA price trapped inside the triangle for some time.

The current price movement suggests a significant amount of ADA is being held at this support level, making it a crucial point for the token's future price action. If ADA can maintain above this level and gain upward momentum, it could signal a new bullish trend. Traders and analysts will be closely watching Cardano's price movement in the coming days to determine its next steps.

In conclusion, Cardano's price reaching the critical support level of weekly SMA 50 at $0.433 is a significant development that could potentially signal a bullish trend. With a substantial amount of ADA held at this level and a symmetrical triangle pattern indicating a tug of war between bulls and bears, the next price movement will be crucial in determining the token's future direction.