The current price of the #CARDANO is at a critical juncture. If it falls from its current level, the bulls will lose their strength once again. In order for ADA to reach its next resistance level, it must trade above its immediate line of support.
Cardano's price has recently experienced a significant surge, surpassing the $0.35 resistance level. If it continues to climb and breaks through the $0.388 resistance zone, we can expect ADA to rise even further.
Following this consolidation, Cardano's price began to climb steadily, breaking through the $0.320 resistance zone and gaining momentum. Eventually, it was able to surpass the crucial $0.350 resistance level, entering a positive zone similar to that of Bitcoin and Ethereum.
The price of the asset surged above $0.350 and continued to climb, reaching a high of approximately $0.387. Currently, the price is consolidating its gains. However, there was a slight dip below the 23.6% Fibonacci retracement level, which measures the upward movement from the $0.3291 swing low to the $0.3870 high.
The current trading price of #ADA has surpassed $0.350 and the 100-hour simple moving average. Additionally, a significant rising channel is forming with support near $0.3520 on the 4-hour chart of the ADA/USD pair.
there is an immediate resistance near the $0.372 zone. Beyond that, the next major resistance is forming near the $0.387 zone. If the price manages to break above this level, it could potentially trigger a strong increase in value. In such a scenario, we could see the price steadily rise towards the $0.400 level. However, it's worth noting that there may be an intermediate resistance at around $0.420.
If the price of Cardano fails to surpass the resistance levels at $0.387, it may experience a downward correction. In such a scenario, the immediate support level on the downside is expected to be around $0.360. The next significant support level is located near the $0.352 level, which is also the channel's lower trend line. If the price falls below this level, it could trigger a fresh decline towards $0.330. The next major support level is anticipated to be around $0.300.
KEY LEVELS :
RESISTANCE LEVEL : $0.3750-$0.3870
SUPPORT LEVEL : $0.3550-$0.3400
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.