ADA has recently experienced a rebound from its existing support level.
Cardano's price is currently making an effort to recover and surpass the $0.375 level. A potential bullish momentum may arise if ADA successfully establishes itself above the resistance zone at $0.3850.
During the previous week, #Cardano experienced a decline, reaching a crucial support zone at $0.354. Fortunately, the bulls remained active and prevented a significant downward breakthrough below $0.3540.
Following a bottom near $0.3535, the price of Cardano initiated a wave of recovery. It successfully surpassed the resistance levels at $0.365 and $0.375, demonstrating positive momentum. Furthermore, on the 4-hour chart of the ADA/USD pair, a significant breakthrough occurred as the price surpassed a crucial bearish trend line with resistance around $0.369.
Cardano's price has increased by 2% and is exhibiting several positive indications, mirroring the trends observed in Bitcoin and Ethereum. The bears have become more vigilant in safeguarding additional gains beyond the $0.3850 resistance level. A peak has been established around $0.3863, leading to a phase of consolidation for the price's recent advancements. Currently, ADA is trading above $0.3720 and remains positioned above the 50-hourly simple moving average.
The immediate resistance lies in the vicinity of the $0.386 region, while a more significant resistance is taking shape near the $0.398 threshold. If the price manages to break above the resistance levels at $0.385 and $0.398, it could potentially initiate a substantial upward surge. In such a scenario, there is even a possibility for the price to surpass the resistance zone at $0.420. Following this achievement, the next crucial resistance level to watch out for would be around $0.432, with a potential further test at $0.450
If the price of #ADA fails to surpass the resistance levels at $0.385 and $0.398, it could potentially experience a renewed downward trend. The immediate support on the downside is anticipated near the $0.375 mark. Subsequently, the next significant support level is located around $0.368, which corresponds to the 50% Fibonacci retracement level of the recent price movement, spanning from the swing low of $0.3535 to the high of $0.3863. If the price breaks below the $0.368 level, it might trigger a fresh decline towards $0.354. The subsequent major support level is estimated to be approximately $0.332.
Price Analysis predicts that the market capitalization of this ADA will be $13,279,105,022. The 24-hour trading volume of the coin is around $227,330,911.
KEY LEVELS :
RESISTANCE LEVEL : $0.3900-$0.4000
SUPPORT LEVEL : $0.3700-$0.3550
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.
