Cardano Price Recovery in Progress 📈
After experiencing a significant drop, Cardano has found a strong foothold above the $0.30 mark. A bottom was established at $0.3050, and now the price is making strides towards recovery, following in the footsteps of Bitcoin and Ethereum.
The price has successfully surpassed the $0.3200 and $0.3220 resistance levels. Additionally, there was a breakthrough above the 23.6% Fibonacci retracement level of the recent downward trend from the $0.3673 peak to the $0.3050 low. Notably, a crucial bearish trend line was breached with resistance at $0.3245 on the ADA/USD hourly chart.
Cardano’s price is currently trading above $0.4220 and the 100-hourly simple moving average. Looking ahead, the price may encounter obstacles around the $0.330 mark. The initial barrier sits at $0.3360 or the 50% Fib retracement level of the downward movement from the $0.3673 peak to the $0.3050 low.
- If the price breaks above $0.3450, a strong uptrend could ensue, potentially pushing the price towards the $0.3680 level.
- Further gains could propel the price towards the $0.400 mark.
Potential Downward Trend for ADA? 📉
Failure to surpass the $0.3360 resistance level might trigger another decline in Cardano’s price. Immediate support is anticipated near $0.320.
A more significant support level looms close to the $0.3120 range. A breach below $0.3120 could pave the way for a test of $0.3050. Subsequently, the $0.3000 level presents a critical support region where bullish momentum could potentially emerge.
Technical Indicators for Cardano
- Hourly MACD – The MACD for ADA/USD is displaying an uptrend in the bullish territory.
- Hourly RSI (Relative Strength Index) – The RSI for ADA/USD has climbed above the 50 level, indicating positive momentum.
- Major Support Levels – $0.3200 and $0.3050.
- Major Resistance Levels – $0.3360 and $0.3450.
Hot Take: Stay Vigilant for Cardano’s Next Move! 🔍
As the Cardano price charts exhibit signs of recovery along with various resistance and support levels, it’s crucial to monitor the developments closely. Keep an eye on key price points like $0.3360 and $0.3450 to gauge the potential directions of ADA’s price movement. Stay informed and prepared for possible market shifts in the coming sessions.
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