Cardano (ADA) Price Breaks $0.30 Resistance Level
The price of Cardano (ADA) has continued to rise and has successfully broken through the $0.30 resistance level, according to cryptocurrency analysts. Initially, the bullish momentum was halted at $0.30, but buyers eventually overcame this obstacle. The next potential targets for ADA are its previous highs of $0.32 and $0.36. However, the price indicator suggests that ADA will reach a high of $0.32 before reversing.
Cardano Indicator Analysis
The price bars for ADA are currently above the moving average lines, indicating an upward trend. The moving average lines are also trending upwards in opposite directions, with the 21-day simple moving average acting as a resistance or support line near the price bars.
Technical Indicators
Key resistance zones for ADA include $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10.
What’s Next for Cardano?
The breakout above the major resistance level of $0.30 allows Cardano to potentially return to its previous highs. However, if the market becomes overbought, the return to previous highs may be delayed. If the current support at $0.30 holds, Cardano could rise to historical highs. On the other hand, if bears break below the $0.30 support level, selling pressure may resume.
As reported on October 25, Cardano has continued its uptrend and is currently trading at $0.28.
Hot Take: Cardano (ADA) Breaks Through Resistance Level, Eyes Previous Highs
The price of Cardano (ADA) has successfully broken through the $0.30 resistance level, indicating a bullish trend. Buyers overcame the initial hurdle and ADA has the potential to reach its previous highs of $0.32 and $0.36. However, the price indicator suggests that ADA will reach a high of $0.32 before a potential reversal. The moving average lines support the upward trend, with the 21-day simple moving average acting as a resistance or support line. Key resistance zones for ADA are at $0.30, $0.35, and $0.40, while key support zones are at $0.20, $0.15, and $0.10. The next move for Cardano will depend on whether the market becomes overbought or if bears break below the $0.30 support level.
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