The price of Cardano has increased and closed above the resistance level of $0.80 on November 20, signaling the start of the next bullish phase.
Daily ADA/USDT chart | Source: TradingView
Bulls are trying to push the price up to the psychological level of $1, which is expected to be a strong resistance. If the price drops from $1 but does not fall below $0.80, this indicates that bulls have turned this level into support. In that case, the likelihood of breaking above $1 will increase, and the ADA/USDT pair could rise to $1.25.
Conversely, if the price drops sharply and breaks below $0.80, this would imply that the market has rejected the breakout. Then, this currency pair could fall to the 20-day EMA ($0.63).
