Cardano has witnessed a remarkable surge in its price, mirroring the trend observed in the cryptocurrency markets over the past few weeks.
Cardano's value has initiated a new upswing, surpassing the $0.40 hurdle, and could potentially continue its climb if it manages to clear the $0.450 resistance region.
Following a solid foundation, the price of #Cardano started to rise steadily, surpassing the crucial $0.400 barrier. The momentum increased, and it was successful in breaching the significant $0.420 resistance level, entering a bullish territory much like Bitcoin and Ethereum.
Following its successful breach of $0.432, Cardano's price surged past $0.450, peaking at around $0.4617 before stabilising. Presently, the price is consolidating its gains. However, it experienced a slight dip below the 23.6% Fibonacci retracement level of the upward movement from its $0.3886 swing low to the $0.4617 high.
Currently, the #ADA value is trading below both the $0.450 mark and its 50-hour simple moving average. Moreover, on the 4-hour chart of the ADA/USD pair, there is an indication of a bullish flag pattern that is developing with a resistance level located around the $0.450 level.
The first resistance level for Cardano is currently situated around the $0.450 mark. Following that, the next significant hurdle for the digital asset is being formed around the $0.462 level. If the price manages to overcome this resistance, it could potentially initiate another rally, rising steadily towards the $0.480 level. Further gains beyond that point may push the value towards the $0.500 mark.
On the other hand, if Cardano fails to breach the resistance levels of $0.450 and $0.462, the value could experience a downward correction. In such a scenario, the immediate support level on the downside is likely to be around the $0.437 mark. If the value continues to decline, the next significant support level is situated near the $0.425 mark. If the price drops below this level, it could trigger a fresh downward trend towards $0.400. The subsequent significant support level is expected to be around the $0.375 mark.
KEY LEVELS :
RESISTANCE LEVEL : $0.4550-$0.4700
SUPPORT LEVEL : $0.4300-$0.4200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice
