- Cardano price targets $0.80 resistance for a possible breakout.
- Strong support at $0.70, with potential rise to $1.
- Technical indicators suggest bullish momentum for ADA.
Cardano (ADA) price is holding above the $0.7 support level following a market recovery. The cryptocurrency has shown a consistent upward movement after bouncing from a period of consolidation. ADA is now testing the $1 level after a week of sideways price action, suggesting the start of a bullish trend. However, the question remains: will this bullish momentum continue?
The price of ADA is currently pressing against an ascending support structure, indicating a potential breakout if the positive trend holds. Over the past 24 hours, Cardano has experienced a 37.41% increase in volume, with the current trading volume reaching $864 million. Its market capitalization stands at $25.47 billion, reflecting a 5.67% growth.
The broader crypto market has seen a slight surge recently. Bitcoin (BTC) is hovering around the $99k mark, while Ethereum (ETH) is approaching $2,000. Other altcoins such as Solana (SOL), XRP, and Dogecoin (DOGE) are also experiencing upward price movements, mirroring Cardano’s bullish trend. The global crypto market cap has risen to $3.09 trillion, marking a 3.04% increase.
Cardano Price Targets $0.80: Resistance Key to Breakout
The crypto analyst Ali observed that the Cardano (ADA) seems to be on the brink of the future move, even if it is a breakout. In the latest tweet, Ali focused on ADA’s movement, explaining that the price is heading towards the $0.80 figure. However, he noted that this breakout could only occur, once ADA would break its existing price channel by clearing the upper boundary resistance.
The Ali illustrates ADA trading in a clear channel, with the prices traveling within a set limit. If a breakout is to arise, the coin will have to rise above the chain of resistance that resides at the upper limit of this channel. Whether ADA can break through this crucial level is one of the areas traders will be constantly looking at to set out on a more upward movement. As ADA gets closer to this important resistance, everyone is watching to see whether it has such momentum to maintain the current surge and break out of the range it has been oscillating in.
Cardano Price Targets Key Resistance Levels Ahead
The Cardano price shows signs of recovery after a recent price drop, as it tests key support and resistance levels. The ADA price hovered at around $0.7212, experiencing a 5% increase in the past 24-hours.
Technical indicators, including the MACD and Awesome Oscillator (AO), show increasing bullish signals. The MACD, in particular, displays positive momentum, with the signal line moving above the histogram. This suggests that buying pressure is gaining strength. Furthermore, the AO histogram shows increasing green bars, supporting the likelihood of continued upward movement.
Cardano’s price is currently testing the $0.70 zone, with strong support observed at $0.60. If the price breaks through the $0.80 resistance, it could rise towards the $0.90 and $1.00 levels. The next key target for Cardano could be at the $1.00 resistance mark, marking a potential 39% increase from its current position.
However, failing to break through these resistance levels could result in a pullback, potentially dropping back to the $0.60 region.
