Since its steep drop last December, Cardano [ADA] has lost about 20% of its value and hit a new low at $0.2415 until press time. The $0.2415 support was strong enough for the bulls to initiate a rally.

ADA has recovered about half of its value since mid-December. At press time, the asset was trading at $0.2641, up 4% in the last 24 hours. Although the price has been bullish on the 12-hour chart, this bullish order block may undermine the momentum.

ADA was trading between $0.2415 – $0.2671 since mid-December 2022. At the time of writing, ADA threatened to break out above this range. However, the obstacle around the bearish order block at $0.2654 remained.