- Cardano price faces critical support at $0.63 for price stability.
- ADA’s target after consolidation could be a $0.73 resistance level.
- Bullish momentum could push ADA toward the $0.80 resistance level.
Cardano (ADA) price has recently been consolidating amid fluctuations in the broader cryptocurrency market. After failing to break a key resistance level, ADA has begun to pull back. The cryptocurrency is currently holding above the short-term support level at $0.64, but its recovery remains sluggish. This ongoing consolidation could signal that ADA is laying the groundwork for its next breakout.
Meanwhile, the global cryptocurrency market cap stands at $2.68 trillion, marking a 0.80% increase in the past 24 hours. The total market volume over the same period is $89.89 billion, reflecting a significant 26.66% rise. Bitcoin (BTC) continues to trade above $84,000, and Ethereum (ETH) hovers above $1,600, while the overall market moves in a sideways trend.
Cardano Price Faces Critical Support at $0.63 Level
The Cardano price shows crypto analyst Ali that it exists in a decreasing price range. The price of the asset faces a critical support point at $0.63 that needs close monitoring. A breakdown of Cardano price below this support would trigger additional declines that may drive the asset value toward $0.54.
The declining price pattern of Cardano currently remains bounded by this symmetrical shape. The current price movements of Cardano will determine its path forward because the asset is testing the $0.63 support boundary.
Is ADA Price Set for Breakout? Target at $0.73
A Crypto analyst presented a trading model for Cardano Price where ADA approaches resistance before potentially breaking out from built-up momentum at that point. Professional analysts suggest that ADA will decline to contact its prior swing low point at $0.6422 to create an excellent buying opportunity.
ADA should aim for its previous consolidative phase which occurred near $0.73. The trading recommendation is to buy at $0.6422 while the analyst has predicted ADA price to rise to $0.73. The technique assumes bullish directional persistence will continue after the trading level breaks above the previous price resistance.
Cardano Technical Indicators
Cardano price has recently been trading within a narrow range, hovering around the $0.63 mark. Despite facing multiple attempts to break through key resistance, the cryptocurrency remains relatively stagnant. At the time of writing, the ADA price is trading at $0.6320, with a 2% decrease in the past 24 hours. However, over the past week, the ADA price is still up by 10%
The Relative Strength Index (RSI) is at 50, suggesting the asset is in neutral territory. There is no clear overbought or oversold condition. Meanwhile, the Moving Average Convergence Divergence (MACD) shows slight bullish momentum, but a stronger upward trend has yet to be confirmed.
The Cardano price is currently confined within a range between $0.60 and $0.65. A breakout above $0.65 could pave the way for a move towards the $0.80 resistance level, while a sustained move beyond $0.80 could open the door to testing the $1.00 mark. On the downside, the altcoin has strong support, around $0.60, and a break below this level could trigger further downside pressure.
