According to the AMBCrypto Analytics:
Can Cardano cross the $0.47 resistance? What ADA’s 34% surge says
Cardano’s [ADA] recent price action has taken the crypto market by storm. The asset has indicated significant bullish momentum in the past few days.
Cardano has surged by about 34.48% since the 6th of July, successfully breaking over the $0.4260 resistance level. This breakout has set the stage for a potential push towards the next significant resistance at $0.4671.
However, a 4.5% pullback saw ADA retesting $0.4260 on the 14th of July, which may now serve as a support level.
AMBCrypto further analyzed Coinglass’ data, which showed significant fluctuations over the past 24 hours. The data indicated several periods of strong bullish dominance, followed by bearish reversals.
As of this writing, the data indicated a spike in long positions. This suggested steady building momentum while the market awaited further direction.
As Cardano approaches the $0.4671 resistance level, investors should watch for continued momentum or signs of exhaustion.
The recent pullback to $0.4260 could either serve as a stage for further gains, or signal the start of a more significant retracement to the support levels below.
