[Cardano bulls ignite momentum, recapture 2024 highs]
Cardano is approaching a key resistance level this year, and investors are keeping a close eye on its moves. As of now, ADA price stands at $0.35, up 10% in the past four days, breaking out of the leading span B on the Ichimoku cloud chart, showing buyers are in control of the market. If ADA can hold steady and continue towards leading span A, it will further confirm the uptrend.
The balance of volume indicator (OBV) reached 42.47 billion, an increase of 1%, indicating rising market demand. The bullish outlook is supported by simultaneous increases in OBV and price, and a 371% increase in holding time shows investor confidence in its long-term potential.
If ADA breaks out of Leading Span A, it will be expected to challenge the $0.39 resistance, and if successful, it may climb further to $0.47. In the most optimistic scenario, ADA is expected to reach $0.81; if selling pressure intensifies, the price may fall back to $0.31 or even $0.27.
