Cryptocurrency News – Cardano (ADA), one of the popular altcoins in the cryptocurrency market, has increased by 5% in the last two days, reigniting rising hopes.
Market leader Bitcoin recently witnessed a recovery from the $25,000 support point, injecting optimism into the crypto world. Thanks to these positive emotions, Cardano price also increased by 5%. So, is this uptrend solid enough to inspire confidence in a longer-lasting recovery?
Buyers need a breakout of key resistance to trigger a new rally. The technical chart for ADA shows that investors may face strong support near the $0.24 and $0.2 levels.
Intraday trading volume for Cardano is $111 million. This means that there is a loss of 13%.
Gaining momentum with renewed demand pressure at the support point at $0.24, ADA price is currently on a relief rally. If the purchasing momentum continues, the popular altcoin may gain another 3% in value this week. As a result of this move, it may set its sights on an important resistance that has been limiting its rise for almost two months.
This dynamic resistance point had previously blocked three different upward attempts by the bulls. Therefore, for a more significant uptrend, ADA price needs to decisively overcome this overhead resistance.
If this level is broken, critical resistance could turn into support and position ADA price for a 12.3% upside. If this rise occurs, the popular altcoin may reach the level of $0.3 again.
Can ADA continue its rise?
Due to the prevalence of uncertainties in the cryptocurrency market, the journey of the ADA price may not go completely smoothly. If market sentiment changes, investors may face increased selling pressure at the resistance point. In a bad scenario, if the price enters a downtrend, the support at $0.24 may be lost. As a result of the downward movement that will begin, there may be a decline to $ 0.22.
#Cardano #Ada $ADA
